Speaker 0:
Hello and welcome to the path to Cop 28 here on Asset TV. The path to Cop 28 is a campaign by the Global Ethical Finance Initiative, or JEFFY. Jeffy are a nonprofit based in Scotland with a global reach, aiming to drive change in the finance sector in order to achieve the SDGS. Their path to Cop 28 campaign is the first and largest finance sector focused campaign for Cop 28 and it builds upon their work at previous cops.

Speaker 0:
The campaign is coordinating the finance sector ahead of the crucial climate summit taking place later this year in the UAE in partnership with the Dubai International Finance Centre, or DIFC, to make finance work for cop and cop work for finance, the sector needs to send clear signals to raise the ambitions of policy makers. To achieve this, the campaign is structured around four core areas, delivering net zero

Speaker 0:
financing nature and biodiversity, unlocking Islamic finance and SDG investing. To find out more about how you can get involved in the campaign, visit path to cop 28 dot com, and that's 28 as in the Numbers two and eight path to co 28 dot com

Speaker 0:
I'm joined now by Chris Kuns He is chief strategy, Innovation and Ventures officer at the DIFC. Christian. Thank you so much for joining us. Can you tell us a little bit more about the path to cop 28 Campaign? How did you get

Speaker 1:
involved? Absolutely. My pleasure to be here. Um, so the path of cop 28 is the largest finance focused initiative towards cop 28. Um, it's in, Uh, it's lead by jeffy, the global ethical Finance Initiative, as you just mentioned,

Speaker 1:
um And, um, it focuses really on mobilising the global financial industry to, um, advance a sustainable and climate related financing, um, and advance the STGS as well as the climate related, um, objectives that we have

Speaker 0:
and what made the DIFC in particular want to support it.

Speaker 1:
So the DFC is the largest, is the first and the largest financial centre, um, global global financial centre in the in the Middle East, Africa and South Asia.

Speaker 1:
And this campaign is the first and the largest finance focused campaign towards cop 28 on advancing sustainable finance and climate related financing. So it was a natural fit for us to work with the Jeff, uh, together on this,

Speaker 1:
um, for us that at the DFC sustainable finance has been a priority since many years. Um, we are a platform, uh, to go, uh, to mobilise not just the global financial industry. And most of those, uh, institutions are based in the DFC to do their regional business, but we also are a platform for the global South. So the emerging markets, financial institutions that are aiming to get access to this type of financing

Speaker 0:
And what would you say is the role of finance in supporting sustainability?

Speaker 1:
The role of finance is is, uh, essential because financing and financial service are at the core of everything we do. So if you think about it, uh, how many payments have you done today? Everything you do, uh, payments. Financial services are involved. If you do a big project, if you run a business, you will require some capital either, uh, through banks or through private, uh, channels. And so really everything, um, you know, the world does nowadays is, uh, supported and enabled by the financial industry.

Speaker 1:
And so if we want to transition to a more sustainable future, if we want companies and sectors to really move towards a net zero future where we reduce carbon footprint, where we more responsible, more sustainable. Um, the finance industry needs to enable that and has a big responsibility as well to drive that change actively by one. Educating the different stakeholders in the ecosystem, um, providing the right products and services that they can avail.

Speaker 1:
Um, and then, um, find pathways. And I think there's lots of different conversation nowadays. Um, and there's lots of new creative, um, products that the financial industry is working on to not just, um, look at black and white to to either you are sustainable or not. But how do you transition and how do you transition in a just and social manner?

Speaker 0:
And have you got an example of how the sector in Dubai has been supporting sustainability?

Speaker 1:
Yes, absolutely. So in the DFC, for example, we have the largest debt debt capital market, um uh, in the region, and that has, uh, sustainable. And, uh, um, climate finance or green financing listed, which is NASDAQ Dubai. Um, that's one example where we're a platform to raise capital for local and regional and international financial institutions. Um, uh, for sustainable and green projects.

Speaker 1:
Um, that includes regional institutions like, um, that are listed on that exchange. But that also includes international, um, institutions, uh, from around the world, including Islamic Development Bank. But also, uh, institutions like I CBC from China or other

Speaker 0:
places. And And how would you say hosting Cop 28 is changing the narrative around sustainability For for those such as yourself who work in the DIF

Speaker 1:
C,

Speaker 1:
I think cop 28 is really great to drive further awareness. Um, so at DFC in 2019, we established a Dubai Sustainable Finance Working group. It's a public private sector working group to bring together, um, the different, um institutions and key stakeholders to help each other translate the ambitions, the global ambitions as well as, um, the regulations around sustainable finance and climate finance. Um, help each other to build these capabilities and, um, to advance kind of the the progress towards that.

Speaker 1:
And so the role, um, that cop 28 plays in this, I think is further awareness. So we've seen more companies really take notice. Um, invest in capacity building capability building, um, and in making concrete commitments towards those goals. Um, and what is, uh, worth to notice is that while the Middle East might be sometimes you know a bit later to the game. They usually are very fast once they embrace it. And we see that now with cop 28. So things are moving very, very fast.

Speaker 1:
Um, and I'm very glad to see how the how it progresses. And also, I'm very glad to see a lot of the progress and the frameworks. The initiatives that we see are built in a way that will go way beyond cop 28. And it's not just for this year.

Speaker 0:
And what can the industry do in the round to make sure that cop 28 creates lasting change in the financial sector?

Speaker 1:
Yeah, I think lasting change and, um, is is important and lasting change usually comes from things that are not just documented in a on A on a piece of paper, not just commitments.

Speaker 1:
It's really things where people are behind it. So I think, um, at the end of the day, it comes back to individuals, I think making sure that individuals, um, have a common understanding of what we're talking about. Um, so education is very important clarifying the goals and ambitions, creating the right tool set and pro products. Um, and not just from the top, but really, uh, very inclusive, um, involving the full organisation.

Speaker 1:
That's for me. One way to make sure that it's a lasting change that goes beyond let's say, individuals that are maybe signing it on the top. And I've seen that now progress around the world. But I would say as well as in in Dubai and in the Middle East,

Speaker 0:
one of the phrases around cop 28 is Is this talk of taking a global stock? Take. So what exactly does that mean? And why is that so significant for cop 28?

Speaker 1:
Yeah, that's a great question.

Speaker 1:
It's a global stock take. It's looking at How are we doing versus the agreements that were made at the Paris agreement? Um, and how are we tracking towards the goals that we, as a global community, committed to and the reality is we're not really well on track, so there's a lot of things which we need to catch up on. A lot of things we need to recalibrate

Speaker 1:
um, I think we will see some institutions and some countries that will be shining more than others and really taking the lead. Um, and I think this year is a recalibration of bringing everybody back on the same page, uh, and focusing on moving from theory into action. Um, and I think that's the big opportunity.

Speaker 1:
Um, but it's not going to be easy. I think the opportunity that it's in Dubai is that we can bring the Global South and the Global North together. The UE always has been a great convenor of different, um um, institutions of different countries and focusing them on a on a common path towards a common goal.

Speaker 0:
What you've described as a world that's perhaps been a bit long promises a little bit short on delivery up until now. So what are your hopes and expectations for cop 28? It's, um, both in general and for finance in particular.

Speaker 1:
Yeah, I think my hopes for, uh, for this year are really that we, um, keep everybody honest because I think that the conversation has to start with with the right numbers with the right stock take and just looking at each other in the eyes and saying How how how have we really done

Speaker 1:
and what has really kept us from, you know, maybe delivering the ambitions we had, Um and I think that's what my hopes are that we we're honest with each other. We look at the at the situation the way it is, and we find a common path forward. Um, the second hope is that we integrate the global South more than in the past. Um, because that's a really important point. Um, and that we focus on, um, a just transition that considers different perspectives, different situations and different ways to coming together.

Speaker 1:
Now it the finance industry. Um, as you asked, uh, plays a crucial role because all of this will require financing. And all of this will require also, um, the right what they call bankable or fable pro project project. So that means, um, actually education,

Speaker 1:
uh, among the companies that will need the financing and ensuring they can put the right governance in place. The right data provide the right data to be giving the comfort to the comp, uh, for the countries and companies, um, making this financing available. So it's a big task. Um um I think the hope is great. Um, And I think, uh, the UAE couldn't be a better place to to take this global stock. Take.

Speaker 0:
We have to leave it there. Christian Kunz. Thank you for joining us. Thank you very

Speaker 1:
much.