With the new tariff, Yango Ride users can expect comfortable, modern limo vehicles starting from a minimum fare of Dh15.6
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The UAE Ministry of Climate Change and Environment (MoCCAE) co-hosted a fireside chat on its Green Bond and Sukuk Programme with the Global Green Growth Institute (GGGI) during COP27 in Sharm El-Sheikh, Egypt.
During the session, the Ministry announced the issue of a new situation analysis report of the green bond and sukuk market as part of the UAE's efforts to support the growth of sustainable finance in the country.
The discussion was headlined by Essa Al Hashmi, Assistant Under-Secretary, Sustainable Communities Sector-ministry of Climate Change and Environment, and moderated by Mercedes Vela Monserrate, Head of Sustainable Finance at Abu Dhabi Global Market (ADGM).
Al Hashmi said, “MOCCAE works with its strategic partners to raise awareness among key finance and investment players about the importance of green bonds and sukuk as effective financial instruments to boost sustainability.”
“We are making great strides in developing the sustainable finance sector. The UAE is one of the most active countries in the region in the issuance of green bonds and sukuk, and the UAE Green Bond and Sukuk Programme Development: Situation Analysis Report aspires to contribute to strengthening the enabling environment for sustainable finance activities," he added.
The report indicates that despite the increased uptake of green financial instruments, they may still not be adequately understood by the wider financial services community. Therefore, the document seeks to help bridge any information gaps by laying out the fundamentals of green bonds and sukuk and the current market conditions in the UAE.
It also offers recommendations for further development of the domestic sustainable finance market.
The report builds on the UAE Sustainable Finance Framework, launched in January 2021, and supports investments in low-carbon, environmentally sustainable, and climate-resilient projects.
Over the past years, the total value of the domestic market for green sukuk, bonds, and loans has reached nearly $17 billion. While in 2020, the size of the global market for green sukuk was estimated at $1 trillion.
The report addresses current methodology of issuing green bonds and sukuk while elaborating on their ability to provide comprehensive and cost-effective financing. It also connects parties that have tangible bankable projects with mega financing institutions, such as pension funds.
The document will be used as tool and an enabler to bridge the gap between stakeholders and encourage more sustainable financing practices.
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