DIFC, Global Ethical Finance Initiative join hands to support COP28 agenda

October 25, 2022 972

As the 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

The Dubai International Financial Center (DIFC) has entered into a one-year partnership with the Global Initiative for Ethical Finance (GEFI) ahead of the 28th Conference of the Parties (COP28), which will be held at Expo City Dubai in November next year.

According to the Dubai Media Office, as the host financial center of the GEFI "Path to COP28" program, DIFC will support a series of presentations, round tables and public events over the next 12 months.

DIFC and GEFI aim to stimulate changes in the global financial industry related to the provision of net zero, the disclosure of Islamic finance, the financing of nature and biodiversity, as well as the financing of sustainable development goals

Arif Amiri, CEO of DIFC Authority, said: “DIFC and GEFI are pleased that the financial services sector has become the first industry to launch a program in line with the UAE government's COP28 agenda.

“DIFC is ideally suited to become the host financial center of the Path to COP28 program, given the progress we have already made and will continue to make on climate-related issues with our clients. We look forward to working with GEFI and senior representatives of the local, regional and international financial community to take this initiative and really make a difference.”

Omar Sheikh, co-founder and MD of GEFI, said: “Our Path to COP28 campaign aims to encourage and support financial institutions in moving from commitment to actual implementation, measurement and reporting.

“The maturity and foresight of the UAE government and DIFC as a world-class financial center are crucial to encouraging the regional financial sector to increase its environmental awareness and commitment to achieving the goals of the COP.”

The Path to COP28 initiative complements the recent launch of the Dubai Sustainable Finance Working Group self-assessment tool to measure the maturity of environmental, social policy and management Practices (ESG) in companies.