Riyadh (UNA/SPA) - The Chairman of the Islamic Development Bank Group, Dr. Muhammad Al-Jasser, confirmed that the bank has designed a strategy for green growth and low carbon reduction by supporting members to reach the zero carbon goal, pointing out that 40% of the bank’s projects are about renewable energy, green projects, and business financing. climatic.
In the opening session of the second day of the Islamic Development Bank conference, entitled “Accelerating Climate Finance through Green Knowledge and Sustainable Sukuks,” Al-Jasser explained the bank’s focus on green project and sustainable development sukuks, indicating that they are compatible with the Financial Markets Union standard.
He pointed out that the bank continues to strive to achieve this goal while aligning itself with global markets to attract more investors, encouraging stakeholders in member countries to benefit from green sukuks. Due to their global importance in preserving the environment, calling for increased awareness about green and sustainability instruments; Being a successful financing instrument with its agreement with the provisions of the Financial Markets Union, with the aim of removing ambiguity around the sukuks and demonstrating their sustainability and capabilities.
The Vice President and Chief Financial Officer of the Islamic Development Bank, Dr. Zamir Iqbal, the CEO of the London Stock Exchange, Julia Huggett, the CEO of the International Capital Markets Association, Brian Pascoe, and the Governor of the Bank in Indonesia, Dr. Perry Warjiu, participated in the session.
The participants discussed accelerating the financing of climate action through sustainability sukuks, highlighting the role of these sukuks from the social and economic aspects, and completing the financing required for climate action for all members of the Bank in Islamic countries.
They emphasized the importance of green bonds as they are important financing tools to bridge the economic gap, focus on green sustainability and climate change, and start public projects that strengthen these instruments while taking into account social ties, optimal sustainability of the budget and reusing it again while taking into account transparency through a clear strategy for these projects, as well. Analysis of the social and economic impact, and how to use green instruments in the long term with the development of financial markets.
On the sidelines of the session, Dr. Al-Jasser, accompanied by the participants, launched a guide to sustainability sukuks to help them increase awareness of these sukuks
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