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Taranis Capital: Charting a Greener Future

September 4, 2023

Taranis Capital: Charting a Greener Future

Dubai-based investment fund embraces global ESG standards to drive ethical financing in the Middle East

Taranis Capital is looking to align its operations with the latest globally recognised ESG standards and frameworks to ensure we deliver against our vision to be the Middle East’s leading ethical, fintech focused investment fund. 

We acknowledge the rapid progress in the realm of ESG frameworks, especially with the establishment of the International Sustainability Standards Board (ISSB). 

The primary aim of the ISSB is to unify the existing fragmented landscape of voluntary sustainability-related standards and regulations like TCFD, GRI, SASB, and CSRD. 

The graphic (right) illustrates how these diverse frameworks are being integrated and merged into a cohesive market-driven, investor-focused reporting initiative.

The introduction of the ISSB hopes to bring some clarity and unification for businesses and the investment community, at a global scale by providing a framework that provides high-quality, globally comparable information on sustainability-related risks and opportunities.

The ISSB published the first two of its much-anticipated sustainability (IFRS1) and climate disclosure (IFRS2) standards, in June 2023, with consultation on the other standards to be developed currently open until 1 September 2023. 

The ISSB Standards have received support from various countries and organisations, including the UK, Japan, Australia, the Hong Kong Stock Exchange, the US Securities and Exchange Commission (SEC), and the International Organisation of Securities Commissions (IOSCO). These entities have already expressed their endorsement, and regulations implementing the standards are expected to be in place as early as 2024. 

Although the UAE has not officially announced its endorsement of the ISSB standards, companies listed on NASDAQ Dubai, Dubai Financial Services Authority (DFSA), and Abu Dhabi Securities Exchange are mandated to adhere to the IFRS Accounting Standards. As the popularity of ISSB standards increases, it is anticipated that the UAE will eventually support these standards, particularly given the upcoming UN Climate Change Conference COP 28 scheduled to be held in Dubai in November 2023.

At Taranis, we are actively staying informed about the evolving landscape of ESG-related disclosures. Our goal is to incorporate the two IFRS Sustainability Standards and pertinent elements from GRI, SASB, TCFD, and CDP disclosures into our business operations. As the IFRS standards continue to develop, we will seamlessly integrate them into our ESG strategy.

Additionally, we plan to assess how these frameworks can enhance our investment approach, both during screening and due diligence processes. This means considering the establishment of relevant Key Performance Indicators (KPIs) and robust governance frameworks to ensure our investments align with our ESG goals. By doing so, we aim to create a more sustainable and responsible business model that positively impacts both our company and the broader community.

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