ADGM Reinforces Commitment to Sustainable Practices by Joining Abu Dhabi’s ‘Single-Use Plastic Bag Ban’ Initiative

Abu Dhabi Global Market (ADGM), the leading international financial centre located in Abu Dhabi, reaffirmed its commitment to sustainable practices and joined in the efforts of the capital city of UAE to ban single-use plastic bags by distributing re-usable tote bags to encourage the ADGM community to use sustainable alternatives.

Since its inception, ADGM has been a strong advocate for sustainable practices and has developed a thriving financial hub to achieve positive economic, social, and environmental objectives. As an international sustainable financial centre, ADGM has taken multiple initiatives to ensure it reduces its carbon footprint as much as possible.

Earlier this year, it announced the achievement of “carbon-neutrality” status by offsetting its 2021 carbon emissions as an organisation and positioned itself as the first international financial centre in the world to be “carbon neutral.” Initiatives such as the UAE Guiding Principles, the ADGM Sustainable Finance Platform, the Abu Dhabi Sustainable Finance Declaration and the Abu Dhabi Sustainable Finance Forum have contributed to the rapid maturation of Abu Dhabi’s sustainable finance industry and cemented its position as one of the world’s leading locations for sustainable finance deals.

Other initiatives also include collaboration with Emirates Nature–WWF, participation in the UN Environment Programme’s Financial Centres for Sustainability the IOSCO and the Basel Consultative Group initiatives on sustainable finance, and the Network for Greening the Financial System, to promote sustainable activities and practices across the UAE while also driving the agenda globally.

ADGM reinforces its commitment to sustainable practices by aligning with Abu Dhabi’s single-use plastics policy, which is the first integrated policy in the region that aims to reduce plastic pollution and further promote sustainability.

Juma Al Hameli, Chief of Staff at ADGM said, “Through our support to Abu Dhabi’s single-use plastic policies, we at ADGM are reinforcing our commitment to building a progressive and more sustainable economy. Abu Dhabi’s initiatives for a sustainable future dovetail well with our on-going efforts to provide innovative alternatives within our progressive and holistic ecosystem. It bolsters both economic and sustainable growth of ADGM, Abu Dhabi, and the UAE. It is our goal to be better as a community and an empowering ecosystem to enable a better and sustainable future for everyone.”

ADGM actively promotes sustainable long-term visions of Abu Dhabi and the UAE which are embodied in the policies such as the UAE’s Net-Zero by 2050 Strategic Initiative, UAE Energy Strategy 2050, UAE Vision 2021, and the Green Agenda. As a forward-looking Sustainable International Financial Centre, ADGM aims to augment Abu Dhabi’s position as a hub for raising and deploying capital and prudently managing risk to bring about sustainably oriented, long-term economic growth.