Zumo, a B2B digital assets infrastructure provider, has signed the Abu Dhabi Sustainable Finance Declaration, furthering its commitment to sustainable finance as it expands into the Middle East.
The Declaration, initiated by Abu Dhabi Global Market in 2019, aims to establish a sustainable finance industry in line with the UAE’s Green Economy initiative.
Zumo will also collaborate with other participants to develop frameworks for green and sustainable investments. The company, known for its work in sustainability, including the development of the Oxygen blockchain solution, is now working with financial institutions across Europe as well as the UAE to support their sustainability efforts.
The first of its kind, Oxygen uses blockchain technology and strategically sourced market instruments, including renewable energy certificates (RECs) and carbon removals, to enable financial institutions measure, mitigate, and report on the carbon footprint of their digital asset activities.
Nick Jones, founder and CEO, Zumo, said: “The UAE is rapidly emerging as a significant crypto hub, thanks to the Emirati leadership’s proactive approach and the region’s welcoming regulatory environment. It is also working hard to become a hub for green technologies, which is something we’re very passionate about.”
“Sustainability now sits high on the world’s corporate agenda, and we’ve seen the regulator in Europe, ESMA, introduce ESG disclosures for crypto-asset providers and token issuers through its MiCA framework. As we expand into the UAE, we look forward to working with industry stakeholders to share our knowledge and help to drive a sustainable digital assets sector in the Middle East.”
The Declaration
The Abu Dhabi Sustainable Finance Declaration, supported by the Ministry of Climate Change and Environment, the Central Bank of the UAE and the Securities and Commodities Authority, aligns with the country’s ambition to become a successful model for the new green economy. The Declaration was signed by an initial group of 25 public as well as private sector entities.
Other signatories of the Abu Dhabi Sustainable Finance Declaration include Deloitte as well as a number of the world’s leading banks, including First Abu Dhabi Bank, BNP Paribas, Citibank, HSBC, ING Bank, Macquarie and UniCredit.
