B2B digital assets infrastructure Zumo has signed the Abu Dhabi Sustainable Finance Declaration in its commitment to a greener financial services industry.
The Declaration is a voluntary membership initiative launched by the Abu Dhabi Global Market (ADGM) to help support various commitments in tackling climate issues as the region focuses on becoming a more attractive financial and crypto market.
It aims to establish a healthy sustainable finance industry in line with the UAE’s Green Economy for Sustainable Development initiative, which underpins the country’s ambition to become a leader in green finance.
Zumo will collaborate with other participants to help create a framework for fostering and integrating green and sustainable investments, providing its expertise and insights gained from the company’s work in the sustainability sphere.
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.”
Zumo was also a member of the World Economic Forum’s Crypto Sustainability Coalition, exploring how blockchain tools can be leveraged to contribute to more impactful sustainable solutions.
Building on its work, Zumo developed its Oxygen solution, a first of its kind solution that sources 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.
Other signatories of the Declaration include the Central Bank of the UAE, the Abu Dhabi Securities Exchange, Deloitte and a number of the global banks, including BNP Paribas, Citibank, HSBC, ING Bank and UniCredit.
