The International Renewable Energy Agency (IRENA) and global financial centre Abu Dhabi Global Market (ADGM) have signed a memorandum of understanding (MoU) to jointly commit to progressing sustainable finance across the UAE and the wider Middle East region.
Under the terms of the MoU, the two organisations have committed to engage with one another to facilitate investment in renewable energy, support the development of a sustainable finance ecosystem that is inclusive of clean power, and support any ongoing initiatives relating to sustainability.
In addition, they will explore additional approaches to support local initiatives, mutually promote their respective platforms, exchange information on important events and support one another in promoting common aims, initiatives and events.
IRENA director-general Francesco La Camera said: “Increasing investments into renewable energy and the energy transformation is essential to building a more resilient energy system and to more prosperous economies.
“To achieve sustainable economic and environmental development, partnerships between organisations with shared values is essential.
“The UAE has demonstrated its strong commitment to this future, and through this cooperation we aim to accelerate low-carbon investment flows building more stable, equitable and climate-safe societies.”
ADGM chief executive Dhaher bin Dhaher AlMheiri said: “We are proud to have entered into this MoU, alongside IRENA, as we reinforce our shared commitment to promoting sustainable practices across all sectors.
“ADGM is continuously looking to work with its strategic partners, locally and internationally, to further the UAE’s sustainability initiatives, including the 2030 agenda, and to safeguard the longevity of the UAE’s financial landscape.
“ADGM has been a leading force in fostering the adoption of sustainable operations as it aims to develop a thriving sustainable finance ecosystem in the UAE and the wider region.
“Through multiple sustainability initiatives, programmes and agreements, we hope to continuously collaborate with leading entities, such as IRENA, to secure the longevity and wellbeing of the financial community.”