The leading financial industry in middle east Africa and south Asia, Dubai international financial center (DIFC) has declared partnering for a year-long tenure with the global ethical finance initiative (GEFI).
The alliance happened only a year before the climate change’s 28th Conference of the Parties (COP28) by the United Nations Framework Convention. The COP28 is supposed to be held in November 2023 at Dubai’s Expo City. The COP28 will be attracted world leaders and philanthropists across the globe from the private and public sectors to input strategic, economic, and sustainable ways to deal with climate-related matters.
The DIFC Launches A Program With The GEFI In Line With UAE’s COP28 Agenda
The Dubai international financial center has a significant impact on sustainable development towards the growth of the emirates region. The financial center is well fit to host the COP28 in UAE and is leading the example to others by partnering with the Global Ethical Finance Initiative.
The partnering of DIFC and GEFI will guide the world financial industry towards their objectives such as delivering NetZero, unlocking Islamic finance, investing in nature and biodiversity, and financing sustainable development. DIFC being the host financial center for GEFI’s path to COP28 will evaluate the data on the climate, and support a series of report launches, group discussions, and community engagement for the necessary valuation through the next 12 months.
The partnership event was launched by Dame Susan rice with a keynote presentation at Dubai international financial center. Dame Susan Rice is a highly influential person in the banking sector, dedicated all her effort as a non-executive director of the bank of England for seven long years. She is also in charge of the financial services culture board in the UK and the GEFI Global steering group.
High personalities from the general council for Islamic Banks and Financial Institutions (CIBAFI), Secretary general, Dr. Abdellah khan, and CEO of Fajr Capital, Iqbal Khan were seen executing speeches.
The CEO of DIFC authority Arif Amiri announced that both DIFC and GEFI were delighted to be the first-ever financial sector to launch the program that has a great impact on the world. DIFC’s progress in the previous years on climate-related matters with their clients was astonishing, which makes them perfect to host the financial center for the path to the COP28 program. They believe this initiative can bring a big difference by working together with GEFI and higher officials of the local, regional and international finance community.
In addition, Omar Shaikh, Co-founder, and Managing director highlighted that this journey towards the COP28 campaign aims to motivate and support financial institutions to build up their commitment by implementing strategies and ideas as well as reporting. He also believes that the personality and nature of the UAE government and DIFC have the ability to encourage the other financial sectors regional and international to boost environmental awareness toward achieving the objectives of COP.
This partnership also comes in terms of DIFC’s strategy 2030, which is progressed by the Dubai Sustainable Finance Working Group (DSFWG) which was entrenched in 2019, to improve Dubai’s stand as the regional leading sustainable financial hub.
Dubai’s economic and sustainable development are very strategic and manages to maintain sustainable development throughout the years, we are all aware of their sustainable methods in developing cities. The partnership of DIFC and GEFI can lead to more exposure of ideas and strategies in the coming COP28, which eventually can help other world regions to adapt to sustainable development and invest more in development in an eco-friendly way. This initiative can be the best option for DIFC to display its capability to resourcefully develop a sustainable environment.