Societe Generale Becomes Founding Member of Dubai Sustainable Finance Working Group
Societe Generale is a founding member of The Dubai Sustainable Finance Working Group, established by DIFC and DFM, which aims to coordinate efforts to create the most sustainable financial hub in the region, as part of the UAE’s Sustainable Development Goals 2030.
The Dubai Sustainable Finance Working Group, established by the Dubai Financial Market (DFM) and the Dubai International Financial Centre (DIFC), held its first meeting this month. Societe Generale is a founding member of the group, which aims to coordinate efforts to create the most sustainable financial hub in the region, as part of the UAE’s Sustainable Development Goals 2030.
The group met at the DFM and discussed an action plan that will focus on combining Dubai finance sector initiatives particularly in the areas of environment, social and governance integration. The group aims to create initiatives and provide support to advance the following four pillars:
1. Responsible Business Operations
Embedding ESG into business operations, to mitigate risk and achieve best governance and reporting practices
2. Responsible Investing
Promoting the principles of responsible investment, and integration of ESG in investment-decision making and mitigate investment risks
3. Growing Sustainable Finance
Encourage the issuance of green financial instruments (green Equities, Bonds / Sukuk, Derivatives / ETFs in Dubai / Green Fintech
4. Diversity and Inclusion
Nurture and cultivate diversity and inclusion in business, capacity building, developing talent and future generations to support the long-term development of a sustainable financial hub
“We’re honoured to have been selected as a founding member of this working group as the banking and finance sector has a critical role to play in the transformation of businesses towards greater sustainability,” said Richad Soundardjee, Chief Executive Officer Middle East. “Societe Generale is already a strong advocate of sustainable and positive impact finance in the Middle East in line with the Group’s commitment in areas of positive impact finance. We are working closely with the World Government Summit through their SDG’s cluster initiative on how to finance the UN Sustainability Development Goals and we are leading the Women’s Empowerment Principles (WEPS) and seat at the Global Compact Network in the region”
The group will convene periodically to address developments and discuss initiatives to promote best practices of environment, social and governance in the financial sector.
The other members of the group are Nasdaq Dubai, Hawkamah Institute of Corporate Governance, Dubai Electricity and Water Authority, Dubai Islamic Development Centre, Aramex, DP World, HSBC, Emirates NBD, and Dubai Islamic Bank.