Commercial International Bank (CIB) participated in the world’s foremost climate change conference with a series of panels on a wide range of important topics, such as banking in developing countries and the challenges of low-carbon economy transitions.
The 27th Conferences of Parties (COP) brings together countries from all over the world to collaborate on implementing global climate action goals. Believing in the crucial responsibility financial institutions hold toward the environment and their communities, CIB will be hosting five panels this November at COP27 in Sharm El-Sheikh, Egypt. The Bank aims to highlight the power of sustainable finance in accelerating climate adaptation and mitigation efforts across the region.
The panels will all emphasize the urgency with which financial institutions need to reform and adopt a progressive business model that centers climate risk mitigation through tailored, bankable sustainable finance instruments. The Bank also aims to highlight the importance of including regional actors to accelerate innovation for climate finance products and aid in the transition toward a low carbon economy.
CIB hosted three panels on Finance Day, in both the Blue and Green Zones, on 9 November titled “The Business Case of Adaptation Finance – Brain Trust,” “Sustainable Finance Instrument Innovation,” and “Net-Zero Banking Alliance: The Business Case for Banks in Developing Countries.”
The Bank will also be contributing to Decarbonization Day on 11 November through a panel titled “The Role of Financial Institutions in Sectoral Decarbonization” in addition to participating in Energy and ACE Day on 15 November through the “Education for Sustainable Development” panel.
“CIB is leveraging its longstanding expertise in sustainability to advance Africa and the MENA region’s climate goals. Our presence is centered around showcasing the power of sustainable finance, reintroducing a new business model for financial institutions, and challenging old paradigms to secure the sustainable and inclusive growth of the region,” said Dalia Abdel Kader, CIB’s Chief Sustainability Officer.
“Sustainable finance has proven to be a powerful tool through which to address climate-related challenges. Through CIB’s participation at COP27, we believe that the business case for climate finance can be brought forward to accelerate regional climate adaptation and mitigation efforts through mutual collaboration,” she added.
CIB attended COP26 in 2021, where the power of finance to achieve economic success while supporting the environment was a key point of discourse, emphasizing the role of financial institutions in the climate movement.
CIB endeavors to mainstream inclusive climate finance instruments, through collaboration and dialogue exchange with industry actors at COP27, to achieve the sustainable development goals of the region.