CIB Participates in the Middle East and North Africa Climate Week 2023
First Bank
Commercial International Bank - Egypt (CIB), the largest private sector bank in Egypt, participated in the Climate Week for the Middle East and North Africa region organized by the Kingdom of Saudi Arabia in collaboration with the United Nations Framework Convention on Climate Change.
CIB presented the feasibility of financing biodiversity projects in the region during this regional event, which aimed to provide a common platform for policymakers, decision-makers, as well as companies and civil society organizations to exchange views on climate challenges and solutions affecting the Middle East and North Africa region, in preparation for the upcoming COP28 climate conference.
Commercial International Bank organized a seminar titled 'Transitional Financing towards a Low-Carbon Economy and the Role of Banks in this Transition in the Middle East and Africa.'
Dr. Dalia Abdelkader, Head of Sustainable Finance at the Commercial International Bank, stated, 'The journey towards mainstreaming transitional financing requires mechanisms and collaboration with all stakeholders, including financial institutions, regulatory bodies, development institutions, private sector, academia, and policy-makers.'
She added, 'We understand that transformation requires concerted efforts and there is an urgent need for internal transformation within both financial institutions and clients to achieve a balanced ecosystem for biodiversity conservation.'
Dr. Abdelkader also participated in another panel discussion organized by the United Nations Economic and Social Commission for Western Asia (ESCWA) titled 'Advancing Biodiversity Project Financing to Enhance Resilience against Climate Change.'
She emphasized, 'The Commercial International Bank recognizes that biodiversity and nature constitute valuable assets and provide the basis for our economic growth. Estimates indicate that about half of the global Gross Domestic Product, approximately $44 tn, depends on nature and biodiversity.'
She continued, 'This is why environmental risk management and disclosure are evolving from a focus on climate change to biodiversity. Financial institutions must be prepared to incorporate biodiversity into their policies, strategies, and disclosures, and the Nile River in Egypt serves as an example of the importance of biodiversity, drawing the attention of financial institutions.'
It is worth mentioning that CIB is one of the founding signatories of the Egyptian Banking Alliance for Zero Net Carbon Emissions (NZBA) and the first institution in Egypt to issue $100 mn green bonds in collaboration with the International Finance Corporation, reflecting its continuous support for sustainable financing initiatives and its belief in the importance of institutions innovating sustainable and effective solutions to mitigate climate change risks and promote transitional financing in the region."
