The Dubai International Financial Centre (DIFC) has taken a step in bridging the climate finance gap, by launching the Sustainable Finance Catalyst initiative, which is targeting a capital flow of $100 billion through Dubai by 2030.
Dubai Financial Services Authority also announced it was waiving all regulatory fees for issuers wishing to list sustainability-related debt securities in the DIFC throughout 2024 .
According to Christian Kunz, Chief Strategy, Innovation & Ventures Officer, DIFC, the $100bln target will indicate a 600% rise in capital flow over the next years, recording a significant rise from the $17.1 billion raised between 2018 and 2022.
“DIFC is the number one sustainable and finance hub in the region, with Nasdaq Dubai being the largest sustainable capital market with over $28.8 billion in green sustainable depth rates today,” said Kunz. “It’s the largest sukuk and sustainable sukuk market in the world and we know that we can’t achieve the goal without Islamic funds.”
According to Kunz, the Sustainable Finance Catalyst aims to build on its talent pool by supporting one million future sustainability leaders by providing easy access to curated sustainability training programmes, knowledge and toolkits, networking, and events.
Beyond the Sustainable Finance Catalyst, DIFC has also announced that the Dubai Future District Fund will allocate up to 20% of the AED 1 billion fund to drive growth and back sustainability-driven tech and innovation start-ups and scale-ups, in collaboration with Dubai Future Foundation, in their capacity as founding partners of the fund.
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