LuxSE becomes first European exchange to sign Abu Dhabi Sustainable Finance Declaration

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Ahead of its hosting of COP28 in December, the United Arab Emirates (UAE) zoomed in on sustainable finance this week and welcomed the Luxembourg Stock Exchange and other companies as new signatories to the Abu Dhabi Sustainable Finance Declaration.

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20/01/2023 |
  • 20220119 ADSFD LuxSE ADGM

    From left to right: Arnaud Delestienne, Director of International Capital Markets and Member of the Executive Committee at LuxSE, Hamad Sayah Al Mazrouei, CEO of ADGM Registration Authority, Mercedes Vela Monserrate, Head of Sustainable Finance at ADGM and Carlo Houblie, Commercial Director at LuxSE.

During the Abu Dhabi Sustainable Finance Forum hosted by Abu Dhabi Global Market yesterday, the Luxembourg Stock Exchange (LuxSE) signed the Abu Dhabi Sustainable Finance Declaration. LuxSE is the first European exchange to officially join the mission of contributing to the growth of sustainable finance and sustainable development in the region.

“Given the pioneering role that the Luxembourg Stock Exchange is playing in advancing the sustainable finance agenda, we are pleased to join forces with other leading market players and work together to increase the focus on sustainable finance in the United Arab Emirates. Climate change is a global challenge which requires a joint, global response. The transition to a low-carbon economy needs to happen everywhere, and we believe a sustainable finance market can help the United Arab Emirates in its efforts to diversify its economy and achieve its ambitious goal of net zero by 2050,” said Arnaud Delestienne, Director of International Capital Markets and Member of the Executive Committee at LuxSE, who attended the Abu Dhabi Sustainable Finance Forum.

Strengthening green finance in UAE

The Abu Dhabi Sustainable Finance Declaration, launched in 2019 by the Abu Dhabi Global Market (ADGM), a leading international financial centre located in Abu Dhabi, is sponsored by the Ministry of Climate Change and Environment, the Central Bank and the Securities & Commodities Authority in Abu Dhabi. It aims to strengthen the sustainability footprint of UAE and increase the depth and quality of green finance products in Abu Dhabi – reflecting UAE’s Vision 2030 and Green Agenda.

This fifth round of signatories to the Declaration brings the total number of signatories from across the globe to 117 and includes leading banks, asset managers, financial services providers and other institutions active in the field of sustainability and sustainable finance.

“Since ADGM embarked on its sustainable strategy journey, we have achieved significant milestones with traction gained to channel attention, resources and dialogue on sustainable finance by having concerted collaboration with public and private stakeholders. We are pleased to welcome LuxSE onboard the Abu Dhabi Sustainable

Finance Declaration to facilitate the ongoing implementation of sustainable finance best practices and enable the financial industry to play its full role in driving a resilient and sustainable economy,” said Mercedes Vela Monserrate, Head of Sustainable Finance at ADGM.

The global pathway to net zero

In recent years, LuxSE and its platform exclusively dedicated to sustainable finance – the Luxembourg Green Exchange (LGX) – has placed a strong, strategic emphasis on its role in helping issuers in both developed and emerging economies enter and flourish the realm of sustainable finance. Currently displaying more than 1,500 sustainable bonds from 260 issuers in 50 countries raising a total of EUR 830 billion for sustainable development across the world, LGX helps new issuers in the process of issuing sustainable bonds through initiatives such as the LGX Academy and LGX Assistance Services.

With UAE committing to reaching net zero carbon emissions by 2050, the development of a green finance hub in the Middle Eastern country comes at an important time in global sustainable development and will likely be high on the agenda during Finance Day of COP28 in Expo City Dubai later this year.  

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