Hisham Okasha: $300 bn annually is the cost of climate adaptation in developing countries by 2030
First Bank
Hisham Okasha, Chairman of National Bank of Egypt, stated that international estimates for climate adaptation costs in developing countries amount to $300 bn annually by 2030.
He made these remarks during the 17th People and Banks Conference on Wednesday, October 25th, under the theme "The Path to Sustainability and the Green Economy."
Okasha emphasized the Egyptian government's goal to increase the contribution of new and renewable energy to the total electricity generated to 42% by 2030. This effort is complemented by a comprehensive system of government incentives for green economy and financial sustainability.
He highlighted Egyptian banks' commitment to following international standards for securing customer data, underscoring the efficiency of banks in managing their operations and financial services.
Okasha stressed the vital role of the Egyptian banking sector, led by CBE, in serving and protecting the national economy, achieving financial stability, and sustaining green and sustainable financing. He also emphasized the sector's role in supporting green and sustainable financing and expanding the client base of the official economic sector.
He urged wise and swift action to confront climate change challenges, environmental degradation, support green financing, enhance the private sector, and adapt to technological changes, safeguarding citizens from electronic invasion attempts.
Okasha highlighted the significance of the People and Banks Conference as a platform to convey banks' messages to the public and discuss crucial economic and banking issues. He noted the direct economic and climatic impact of recent climate changes, such as floods, earthquakes in Morocco, famines, desertification, affecting over 110 million people in Africa in 2022, causing significant economic damages estimated at around $8.5 bn.
The conference also addresses various economic issues, including sustainability, the role of banks in green financing, the state's strategic developments in digitizing banking and financial services, the future of small and medium projects, governmental and banking efforts to support local industries, and the role of artificial intelligence in improving banking services.
