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UAE takes a stand on growing role of sustainability in fintech

The signatories have committed to integrate sustainability in their operations, drive positive change and set accountability 

UAE takes a stand on growing role of sustainability in fintech
[Source photo: Anvita Gupta/Fast Company Middle East]

Sustainability has been a pivotal business model for decades, but the COP28 in Dubai clarifies the urgency to act with purpose. The fintech industry can set a “green” example for others to follow, ensuring businesses adopt sustainable practices and leading the way towards a lower-carbon future for industries across the board.

Recently, to further their goals of sustainability and achieving net zero by 2050, the UAE Ministry of Climate Change and Environment (MOCCAE) and the Middle East and North Africa Fintech Association (MFTA) have announced a Sustainable Fintech Pledge to help fintech companies integrate sustainability into their operations. 

Welcoming the move, Minister of Climate Change and Environment Mariam bint Mohammed Almheiri said, “The Sustainable FinTech Pledge is a tangible demonstration of the transformative power of technology in achieving sustainable development. It reflects our commitment to building a more sustainable and resilient future as we prepare to host COP28 and celebrate the Year of Sustainability.”

She added that the UAE aims to build businesses that strive for sustainable economic development while establishing projects that fulfill the UAE’s climate and environmental commitments, leading to achieving the goals of the UAE Net Zero by 2050 strategic initiative. 

They will invite more companies and financial institutions in the country to join this pledge and actively contribute to the UAE’s journey toward a more sustainable future. 

Signatories of the pledge have committed to integrating sustainability in business operations, prioritizing transparency and accountability, inspiring positive change within their industry and the broader community, investing in technologies and solutions that address environmental challenges, and fostering the growth of sustainable fintech solutions. 

Abu Dhabi Global Market (ADGM), Dubai International Financial Centre (DIFC), and BPC are the leading signatories of the pledge.

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