DIFC announces decarbonation strategy, achieving Net Zero by 2045 at Future Sustainability Forum 2024

DUBAI, UAE, Dec 6, 2024 - ( JCN Newswire ) - Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa, and South Asia (MEASA) region, today announced several updates at the 2nd edition of the Future Sustainability Forum, that advance its position as the region's leading sustainability finance hub.

Building on the outcomes of COP29, the legacy of COP28 with its landmark UAE Consensus, which was hosted in Dubai last year, DIFC has unveiled its Decarbonisation Strategy, reinforcing its commitment to being a sustainability leader in the region. The Centre will play a vital role in contributing to the UAE Net Zero 2050 strategic initiative, by committing to achieve its Net Zero targets by 2045. In its Decarbonisation Strategy, DIFC targets reducing emissions in areas it directly controls relating to its operations, construction activities and supply chain, setting an example for financial centres worldwide. DIFC's Strategy aims to achieve real Net Zero, without offsetting or trading carbon emissions.

The event also served as a platform to launch DIFC's inaugural Sustainability Progress Report titled "Building a Sustainable Future: DIFC's Path to Impact" detailing achievements and a roadmap for sustainability.

The Forum also hosted the Climate Tech World Cup. Organised by Trescon and powered by Ignyte, it is a call to action for entrepreneurs, innovators, and visionaries from across the globe. Participants were encouraged to present their ideas and solutions to the pressing environmental challenges of our time. Finalists included Acklo, Baynunah Watergeneration Technologies, Green Worms, Mahawa, The Surpluss, Sirius Energy and Zeroe.

COP29 signified the midpoint of the "COP Presidencies Troika", a collaborative effort between the UAE (hosted COP28) and Brazil (host to COP30 in 2025) that aims to accelerate progress toward the 1.5decC goal. DIFC's Future Sustainability Forum and announcements come amidst new targets and outcomes from COP29, which will strengthen the UAE's efforts to mitigate climate risk.

His Excellency Essa Kazim, Governor of DIFC, commented: "The Future Sustainability Forum serves as a critical platform that enables global collaboration, knowledge sharing, and finding practical solutions for climate change and sustainable development. In light of COP29 outcomes, we are pleased to announce DIFC's Decarbonisation Strategy, where we are setting new standards for environmental leadership. We remain at the forefront of solidifying Dubai's position as the leading sustainable financial city in the region. Today, we are setting a new benchmark for decarbonisation within global financial centres and aim to achieve Net Zero in 2045, five years ahead of the UAE's targets."

Figures from Bloombergs Capital Markets League Tables has showed that annual issuances of green social, sustainable, and sustainability-linked bonds (GSSB) in the Middle East and North Africa (MENA) in 2023 hit a new record of USD 24bn, driven by the UAE and Saudi Arabia. The UAE leads regional green bond issuance, recently reaching USD 10.7bn, up nearly 170 per cent and capturing approximately 45 per cent of regional totals.

As a leader in global climate action, the UAE has strengthened its role in driving efforts to mobilise climate finance with several global initiatives. These efforts advance the global climate agenda, further international co-operation in environmental sustainability, and support the green transition. DIFC is also bolstering its position as a regional and global hub for sustainable finance, innovation, and leadership, building on the dialogues initiated during COP28 and enhanced through COP29.

Launched during COP28, the DIFC Sustainable Finance Catalyst is a cornerstone initiative in supporting start-ups and innovation in the sustainable economy by scaling sustainable financial flows from Dubai to USD 100bn by 2030, enabled by the first AI-driven sustainability knowledge hub. A workstream for the Future Sustainability Forum will be added to the 2025 Dubai FinTech Summit, creating opportunities for cross-sectoral growth between sustainability, ESG and innovation.

Bringing together 3,000 industry leaders, government officials, and sustainability experts to explore innovative solutions for achieving net-zero targets, advancing sustainable finance, and driving sustainability-led innovation, the Future Sustainability Summit hosted over 500 global investors and more than 100 speakers.

The 2nd edition of the Future Sustainability Forum is supported by:

Strategic Government Partners: Dubai Municipality, Ministry of Energy and Infrastructure
Strategic Partner: DIFC Sustainable Finance Catalyst
Presenting Sponsor: Commercial Bank of Dubai
Powered By: Mashreq
Platinum Sponsors: Deloitte, Esyasoft
Gold Sponsor: Emirates NBD
Mobility Partner: Salik
Silver Sponsors: Barclays, S&P Global, Hedge5, Ahya, Blue Sun
Roundtable Sponsors: LSEG, Vision Bank
Corporate Pledge Partner: TIGRUS Restaurant Holding
Bronze Sponsors: White Hydrogen, Zero, Al Masaood, United Arab Bank, GIM-UEMOA, Pasqal, Ajman Bank, Lafarge, TRST01, TENDERD
Official Media Partner: Arabian Business
Ecosystem Partner: Entrepreneur Middle East
Financial Sustainability Media Partner: The Fintech Times
Official Sustainable Economy Partner: Finance World Magazine
Technology Media Partner: Mena Tech

About Dubai International Financial Centre

Dubai International Financial Centre (DIFC) is one of the world's most advanced financial centres, and the leading financial hub for the Middle East, Africa, and South Asia (MEASA), which comprises 77 countries with an approximate population of 3.7bn and an estimated GDP of USD 10.5trn.

With a 20-year track record of facilitating trade and investment flows across the MEASA region, the Centre connects these fast-growing markets with the economies of Asia, Europe, and the Americas through Dubai. 

DIFC is home to an internationally recognised, independent regulator and a proven judicial system with an English common law framework, as well as the region's largest financial ecosystem of 43,800 professionals working across over 6,150 active registered companies - making up the largest and most diverse pool of industry talent in the region.

The Centre's vision is to drive the future of finance through cutting-edge technology, innovation, and partnerships. Today, it is the global future of finance and innovation hub offering one of the region's most comprehensive FinTech and venture capital environments, including cost-effective licensing solutions, fit-for-purpose regulation, innovative accelerator programmes, and funding for growth-stage start-ups.

Comprising a variety of world-renowned retail and dining venues, a dynamic art and culture scene, residential apartments, hotels, and public spaces, DIFC continues to be one of Dubai's most sought-after business and lifestyle destinations.

For further information, please visit our website: difc.ae, or follow us on LinkedIn and X @DIFC.

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Rasha Mezher | Dubai International Financial Centre Authority
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Rasha.Mezher@difc.ae

Shadi Dawi
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