ABU DHABI — The UAE remains committed to addressing climate change and creating a sustainable future with its ambitious goal of achieving net-zero carbon emissions by 2050, said Jane Goodland, Group Head of Sustainability at the London Stock Exchange Group (LSEG).
Goodland noted that COP28 serves as a pivotal moment to evaluate progress in implementing the Paris Agreement. She emphasized the significance of COP28 in uniting collective efforts to cut global carbon emissions.
She lauded the UAE government’s enduring commitment to sustainability, stating that the UAE’s status as a leading hub bolsters its role in sparking innovation and promoting the adoption of cutting-edge technologies that pave the way for a sustainable future.
Goodland praised the comprehensive strategy that the COP28 Presidency is adopting by involving all stakeholders in the dialogue. She highlighted that this inclusive approach fosters the exchange of diverse ideas and perspectives, crucial for hastening progress toward sustainability objectives.
She pointed out that the UAE’s emphasis on a regulatory framework as a cornerstone in combating climate change marks a notable advancement. Goodland commended the UAE Sustainable Finance Framework 2021-2031, designed to enhance collaboration between public and private sectors and foster an environment conducive to widespread sustainable finance practices.
She detailed that this framework zeroes in on three interconnected areas: enhancing sustainability disclosure, nurturing sustainability-centric corporate governance, and crafting the UAE’s Sustainable Finance Taxonomy. This framework, she said, establishes a robust base for weaving sustainability into the financial sector, championing responsible investment, and speeding up the shift to a low-carbon economy.
The LSEG official affirmed that the UAE’s Green Agenda 2030, aiming to boost the country’s GDP by 4 to 5 percent through sustainable economic growth, underscores the UAE’s dedication to sustainability, fostering innovation, and harnessing technology to meet its environmental targets.
Discussing the role of the UAE’s financial markets in aiding the transition to a green economy, Goodland stated that these markets are pivotal. She underscored that commitments to funnel trillions of dollars toward a zero-carbon transition are crucial for realizing climate objectives.
She elaborated that the UAE’s financial markets are proactively broadening sustainable finance options. The Dubai Financial Market has rolled out regulatory frameworks for environmental, social, and governance (ESG) reporting, urging listed companies to enhance ESG information disclosure and adopt ESG reporting practices. This move strengthens their capacity to draw investments, secure financing, and tap into new markets through sound governance practices.
She continued, “The local market has also witnessed the launch of green bonds, amplifying sustainable finance in the region and mirroring the UAE’s dedication to introducing new asset classes. It also highlights the financial markets’ commitment to playing a pivotal role in funding the shift to a green economy.”
Goodland emphasized that the London Stock Exchange Group has been a participant in previous COP conferences and maintains an active agenda for its COP28 involvement this year. “We’re steadfast in our ongoing engagement in this pivotal event. Our COP28 presence mirrors our long-standing commitment to the region,” she said.
She conveyed that COP28 offers a prime platform for dialogue, knowledge exchange, and collaborative action against climate change. Goodland concluded by saying that the London Stock Exchange Group’s involvement in the event resonates with the group’s regulatory mission centered on ensuring financial stability and empowering economies to pursue sustainable growth.