Facilitating Sustainable Finance: In Conversation with Alya AlZarouni of DIFC

The Age of Fintech in the land of 2nd Annual Future Sustainability Forummanaged by Dubai International Financial Center (DIFC) earlier this month, at Madinat Jumeirah in Dubai.

We joined over 1000 sustainability aficionados, business leaders and government figures diving into everything from green technologies to sustainable agriculture. Building on the success of COP28, this year’s forum is about increasing climate action and pushing forward the UN Sustainable Development Goals.

This is an excellent opportunity to connect, collaborate and drive change with world leadersall dedicated to forging a greener, stronger tomorrow.

Mark Walkereditorial director, The Age of Fintechenjoyed the opportunity to chat with Alya AlZarouni, chief operating officer of DIFC Authority, to discuss how the DIFC is driving the financial sector towards improved sustainability practices.

Finance in transition

During our conversation, AlZarouni pointed out an important gap in sustainable finance: “The gap we see today in sustainable finance is mainly in financing. Who will fund all the projects?”

He detailed the DIFC’s commitment to addressing this issue by supporting financial institutions and facilitating the financial transition.

AlZarouni also touched on the DIFC’s commitment to genuine sustainability practices, particularly in achieving net zero emissions.

“The reality is the reduction of emissions. We do not plan to offset the use of carbon credits in any way,” he stressed, indicating the DIFC’s intention to implement real changes instead of will depend on the offsets.

In addition, AlZarouni explained how the DIFC serves as a catalyst for bridging policy and practice, particularly through initiatives such as the region’s first sustainable financial facilitation launched last year.

This initiative aims to channel more investment towards sustainability projects, further improving Dubai’s financial flow to sustainable businesses by 2030.

“This forum today,” concludes Alya, “will be an annual touchpoint to promote more transparency in the process and share our knowledge and experience with others, helping to support the roadmap and journey towards sustainability.”