Zumo Supports Abu Dhabi's Green Finance Vision
Highlights
Zumo signs up for the Abu Dhabi Sustainable Finance Declaration.
The Declaration supports the UAE’s vision for a sustainable finance industry aligned to its Green Economy.
Zumo will contribute to the development of sustainable investment frameworks and work with other industry players.
Zumo, a digital assets infrastructure company, has signed up to the Abu Dhabi Sustainable Finance Declaration to further its sustainability agenda in the financial services industry as it grows in the region.
Launched in 2019 by Abu Dhabi Global Market (ADGM) in partnership with the Ministry of Climate Change and Environment, the Central Bank of the UAE and the Securities and Commodities Authority, the Declaration is a voluntary initiative to create a sustainable finance industry aligned to the UAE’s Green Economy.
As part of this, Zumo will work with other signatories to develop green and sustainable investment frameworks. The company will bring its deep sustainability expertise to these collaborations, having learned from its own pioneering work in the space.
Zumo previously participated in the World Economic Forum’s Crypto Sustainability Coalition where it explored the role of blockchain in climate action. Building on this, the company launched Oxygen, a first-of-its-kind solution using blockchain and market instruments like renewable energy certificates (RECs) and carbon removal credits.
This tool helps financial institutions measure, reduce and report the carbon impact of their digital asset activities. Zumo also worked with Jacobi Asset Management to align Europe’s first spot Bitcoin ETF with net zero and is now working with other financial institutions in Europe and the UAE on their sustainability journeys.
Zumo’s team also co-founded the Emerging Technologies Sustainability Taskforce (ETST) to address the intersection of traditional accounting, sustainability standards and technical standards. The ETST will ensure the specificities of emerging technologies like blockchain are considered in the global standards for sustainability in the digital assets space.
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.”
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Source: Zumo
