‘Climate finance must happen in partnership between public and private sectors,’ says FAB Chief Sustainability Officer
Conference debut comes as UAE looks to become Sustainable Finance Hub
Abu Dhabi, March 25 2024: World Future Energy Summit, the leading business event for future energy and sustainability hosted by Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s clean energy powerhouse, is to debut a Green Finance Conference during its 2024 edition, which is set to run at Abu Dhabi National Exhibition Centre (ADNEC) from April 16-18.
The Green Finance Conference, which will take place on April 17, will gather policymakers, asset managers, financiers, academics, environmentalists, and major energy corporates to demystify a segment that, though a hot topic, is still not widely understood outside of industry insiders.
Conference speakers will dig deep into the financing of everything from global projects to low carbon economies, the incentivisation of regional pathways to green financing, the need for climate finance regulation, and what is needed to propel green financing to the next level, as well as opportunities for entrepreneurs in the sector.
According to a recent report by Strategy&, the global strategy consulting team at PwC, green investments in six key GCC industries – including renewable energy – could have a profound impact by 2030, unlocking up to US$2 trillion in cumulative GDP contribution, creating more than one million jobs, and encouraging foreign direct investment (FDI). The report also urges GCC governments that have the credibility and capabilities to engage with and attract international investors to create a green sovereign wealth fund. Establishing a fund could unlock substantial benefits for all stakeholders, including the public sector, investors, developers, and the public.
Ahead of his participation in a panel at the inaugural Green Finance Conference, Shargiil Bashir, Chief Sustainability Officer at First Abu Dhabi Bank, said progressing the sector requires cross-sector collaboration.
“Effective climate finance requires cooperation between the public and private sectors. First Abu Dhabi Bank, for example, is able to support the UAE’s climate commitments through our partnerships with traditional and emerging sectors. This collaborative approach is essential as the transition to sustainability can pose challenges, especially for hard-to-abate sectors. Full involvement, an innovative approach and a collaborative global focus are necessary if we are to achieve net zero by 2050.”
Bashir is part of a powerful speaker platform that also includes: Lina Osman, MD and Head – Sustainable Finance, Standard Chartered Bank UAE; Fawaz Sabri, Chief Technical Advisor, Private Sector Development & Banking, United Nations Development Programme; Eva Ramos Perez Torreblanca, Division Director – Environmental Policy Analysis and Economics, Environment Agency – Abu Dhabi; Jana Elkova, Strategy & Entrepreneurship Expert, Ministry of Economy, UAE; Elias El Mrabet, Finance & Technology – Partnerships, COP28 UAE; David Auriau, CEO, Positive Zero; and Fahad Al Yafei, CTO & Head of Innovation Centre Middle East, Siemens Energy.
Ghazil Jabbar, Managing Director at Capital Connect, will also present a pre-launch overview of a Clean Energy Private Equity Fund set to launch later this year by the Pakistan Private Sector Energy Project and supported by the US Agency for International Development (USAID), the UN Industrial Development Organisation (UNIDO) and its Private Financing Advisory Network (PFAN), as well as the Renewable Energy and Energy Efficiency Partnership (REEEP).
The primary focus of the new fund’s investments will be in Pakistan with preference given to early stage, high impact investments. The investment objective aligns with the dual purpose of achieving financial success while delivering a positive impact on the environment, society, and gender diversity within the spectrum of low carbon projects.
“UNIDO is proud to bring the insights from the Pakistan Private Sector Energy activity funded by USAID and implemented by PFAN to the World Future Energy Summit,” said Marko van Waveren Hogervorst, PFAN Programme Manager. “We are excited to ‘pre-launch’ our Clean Energy Private Equity Fund and present our research on the EV market in Pakistan to investors and financiers and potential partners during the Summit and its conferences.”
For event organisers, the debut of the Green Finance Conference is further evidence of the influence and importance of the World Future Energy Summit in addressing key sector challenges and setting the agenda for the way forward.
“Green finance is essential to supporting the global shift towards cleaner and more sustainable energy alternatives by funding projects related to renewable energy sources, including solar, wind, hydro, geothermal, and hydrogen,” said Leen AlSebai, General Manager of RX Middle East and Head of the World Future Energy Summit. “While demand for green capital grows, there are still questions around the mobilisation of transition capital and market standardisation. The Green Finance Conference will look to allay concerns, address the challenges, and identify opportunities.
“This is the right conference, at the right time, and in the right place as the Abu Dhabi Global Market strengthens its regulatory framework to boost its status as a sustainable finance hub and attract investment and capital to help fund climate-related projects and aid the decarbonisation of the UAE economy.”
As one of the world’s fastest growing companies and a clean energy pioneer, WFES host Masdar is an enthusiastic advocate for green finance having successfully completed its first green bond issuance for US$750 million in August 2023. The bond is the first part of a program to raise up to US$3 billion to meet Masdar’s equity funding commitments on new renewable energy projects at home and overseas.
Masdar Chief Executive Officer, Mohamed Jameel Al Ramahi, said: “As host of the World Future Energy Summit and a pioneer in clean energy and green finance investments, Masdar welcomes the launch of the Green Finance Conference. Our successful green bond offering, and establishment of a Green Finance Framework last year demonstrate our commitment to developing and investing in the projects that green finance targets. We believe green bonds are an increasingly popular way of targeting private investment at renewable projects and will be a key instrument to pave the way to redress the global climate finance inequality between the global south and global north. Green finance will have a significant role to play in helping to achieve the UAE Consensus agreed at COP28.”
The World Future Energy Summit 2024 is expected to host close to 400 exhibitors, attract more than 30,000 visitors, and feature 350-plus speakers addressing solar, ecowaste, water, clean energy, climate and environment, and smart cities. This year will also see the addition of three new forums: The Pathway to 1.5C, Green Finance, and eMobility. For more information on the event and how to get involved
