Home » Aspiration Inc. to expand to UAE under Abu Dhabi Investment Office support

Aspiration Inc. to expand to UAE under Abu Dhabi Investment Office support

by Dubaiforum

ABU DHABI, 19th January, 2023 (WAM) — California-based fintech company Aspiration Inc. (Aspiration), announced today that the company will be setting up offices at Abu Dhabi Global Markets.

Aspiration, which is backed by such powerhouses as Oaktree Capital Management and affiliates of former Microsoft Corp CEO Steve Balmer, in addition to environmentalists and Hollywood icons Leonardo DiCaprio and Robert Downey Jr, is being supported by Access Abu Dhabi, the business expansion programme by Maven Global Access and supported by Abu Dhabi Investment Office (ADIO), that serves as a conduit to fast-track entry to the burgeoning UAE capital.

The announcement was made today during Abu Dhabi Sustainability Week, where Vinoda Basnayake, President of Aspiration MENA discussed the company’s ambitious plans for the region.

Aspiration is a purpose-driven climate action company that offers large and small enterprises, governments, investors, and consumers access to a portfolio of high-quality carbon assets through innovative products, services, and investments that drive climate action.

Aspiration aims to serve as a sustainability partner for the UAE ahead of the country hosting COP28, the UN’s annual climate change summit taking place this November and December. Aspiration’s world-class carbon programme manages one of the world’s largest inventory of premium tree planting and carbon reduction portfolios that collectively accelerate global decarbonization and deliver tangible environmental and social impact at scale.

“Abu Dhabi is one of the world’s most forward-thinking and climate smart cities. We are excited about the opportunity to develop partnerships here with the support of Access Abu Dhabi and ADIO.” Vinoda Basnayake, President of Aspiration MENA, stated. “Aspiration is the sustainability partner to some of the most recognised names in the globe ranging from corporations such as Meta and Deloitte to professional sports franchises the Los Angeles Clippers and the Boston Red Sox. We are excited to expand to the UAE and are looking forward to providing similar carbon mitigation solutions at scale here as well.”

The UAE has set out an ambitious plan to achieve climate neutrality by 2050 and will invest US$163.5 billion (AED600 billion) in renewable energy to deliver sustainable economic growth. ADIO partners with innovative companies capable of accelerating the UAE’s road to net zero by developing and commercialising technology and services across a range of sectors.

In 2022, ADIO supported through its Innovation Programme Siemens Energy AG to set up its Middle East Innovation Centre in Abu Dhabi, focused on developing clean energy technologies. In the AgTech sector, Abu Dhabi has made significant headway in “turning the desert green” through ADIO’s support for innovators pioneering desert agriculture solutions.

Abdulla Abdul Aziz Al Shamsi, Acting Director-General of ADIO, said, “As the UAE gets ready to host COP28, we are focused equally on achieving our net-zero goal while developing globally relevant solutions. Aspiration Inc. offers a pioneering solution for business and individuals to achieve their climate goals and we are delighted to welcome them to our ecosystem. Abu Dhabi is a global hub for green energy, finance and technology that is ready to partner with innovation-driven companies like Aspiration Inc. to make a global impact.”

Dhaher bin Dhaher Al Mheiri, CEO of ADGM Authority, added, “ADGM is pleased to welcome Aspiration Inc. into its sustainable financial hub based in the capital of the UAE. As the international financial centre that has achieved a carbon-neutral status and has a forward-looking and innovative approach to sustainability, we always look forward to onboarding purpose-driven climate action organisations such as Aspiration Inc. that advance environmental goals through similar beliefs and strategies. The opportunities within the global carbon market are already evolving, and we are ecstatic about the value-add Aspiration Inc. will bring to businesses, investors, government, and government-affiliated bodies to strengthen the green economy of Abu Dhabi, the UAE and the MEASA region, especially with COP28 upcoming later this year.”

Established in 2008, ADSW is a global platform for accelerating the world’s sustainable development. The event brings together heads of state, policymakers, industry leaders, investors, entrepreneurs and youth in the UAE capital to discuss and engage on bold climate action and innovations that will ensure the next generation a sustainable world.

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