DIFC, GEFI to Drive Sustainability Goals Ahead of COP28

Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa and South Asia region, announced a partnership with the Global Ethical Finance Initiative (GEFI), ahead of the United Nations Framework Convention on COP28.

COP28 will be held in November 2023 and will see world leaders from the public and private sectors congregate to make progress on climate related matters.

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DIFC and GEFI will drive change across the world’s financial industry relating to delivering Net Zero, unlocking Islamic Finance, financing nature and biodiversity, and financing the sustainable development goals.

As host financial centre for GEFI’s Path to COP28 programme, DIFC will support a series of report launches, roundtables and community engagements during the next 12 months.

Arif Amiri, Chief Executive Officer of DIFC Authority said: “DIFC and GEFI are delighted that the financial services sector is the first industry to launch a programme that aligns with the UAE government’s COP28 agenda.

"DIFC is perfectly placed to be host financial centre for the Path to COP28 programme given the progress we have already made and will continue to make on climate related matters with our clients.”

While Omar Shaikh, Co-Founder and Managing Director of GEFI said: “Our Path to COP28 campaign seeks to encourage and support financial institutions in transitioning from commitment to actual implementation, measurement and reporting.

"The maturity and foresight of the UAE government and DIFC as a world-class financial centre is critical to encouraging the regional financial sector to ramp up its environmental awareness and commitment towards achieving the COP targets.”

The partnership aligns with DIFC’s Strategy 2030 and reflects its progress on driving Dubai’s reputation as the region’s leading sustainable financial hub.

This is being achieved through its chairmanship of the Dubai Sustainable Finance Working Group (DSFWG), which was established in 2019.

The Path to COP28 initiative also complements the recent launch of the DSFWG self-assessment tool for measuring the maturity of Environmental, Social and Governance (ESG) policies and practices in companies.

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