R.A.C.E - A Special Message from BNP Paribas

foreign [Music] guests ladies and gentlemen thank you for your kind invitation to speak during the Abu Dhabi Finance week I'm honored to be here on behalf of being people I'm always Keen to discuss the role and the importance of Finance for growth and resilience and I see it's very high the relevance of this opportunity for me to speak with you today on sustainability and the green agenda we need to acknowledge how complex the low carbon transition is for any country committed to sustainability and Net Zero especially when it comes to countries that have historically strong ties with the oil and gas sector we know well that the clock is ticking we have limited time to implement the necessary transformation to achieve carbon neutrality and Net Zero by 2050. a sustainable transition must be just and must be inclusive it means without causing collateral damage to society it requires true and Lasting International cooperation to be successful climate risk has become the one overarching challenge that the financial industry must confront the vast majority of asset managers Insurance Banks including of course Bentley neither are now mobilized to Capital allocation to countries companies and projects which are truly engaged in the transition I do believe that the UAE is demonstrating a compelling strategy to mobilize the necessary financial and human resources the nation needs to deliver on its ambitious sustainability plan the UAE was the first country in the Middle East to commit to Net Zero by 2050. the significant development was followed by other Regional commitments to Net Zero at a national level but also at a corporate level the strategy is changing and moving forward and with change comes action UAE will be hosting cop 28 next year welcoming stakeholders coming from all around the world to continue to evaluate and Implement Net Zero targets with our roots in Europe Ben pep Ida has been an early adopter of sustainability this is in the DNA of the bank the new strategy we have adopted reinforces for the 2025 strategic plan our commitment and is centered around growth technology and sustainability we are proud to support the UAE and its companies to adapt and Achieve higher ESG performance you can rely on us on drawn on our expertise to finance new technologies that need to be developed at scale to ensure the transition such as carbon capture green hydrogen and sustainable agriculture for example as a leading Bank in sustainable Finance we acknowledge the economic opportunities stemming from the UAE as a country nurtures International cooperation and alignment with Best in Class International standards across the e s and J Spectrum lastly I would like to praise this forum for discussing the fundamental issues for a successful transition which are mainly first and ESG regulatory framework enabling a Level Playing Field for finance to deliver long-term sustainability and then a Relentless pursuit of excellence in education and the emergence of Abu Dhabi as the leading Financial International Center in the region with attractive sustainable Market infrastructures thank you for this opportunity to address your audience on the topic of global importance [Applause]