CIB discusses advancing sustainable finance in Egypt and the road to COP 27 in ‘Net Zero Delivery Summit’ 

Daily News Egypt
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The CIB — Egypt’s first and leading private bank — was invited to participate in a session titled ‘The Road to the COP 27’ as part of its contribution to the ‘Net Zero Delivery Summit’ in London, which is considered a mid-way point between the COP 26 and COP 27.

The summit was held on 11 and 12 May 2022 with the aim of maintaining momentum on key policy initiatives for finance from the 26th edition of the Conference of Parties on Climate Change (COP 26) and presenting the role of financial institutions in helping the wider economy achieve net-zero emissions. 

The CIB’s session was chaired by Kate Abnett — Reuter’s European Climate and Energy Correspondent — and focused on Egypt and the UAE’s public and private sectors’ efforts in the sustainable finance realm leading up to the COP 27, which will be held in Sharm El-Sheikh this November. 

The session included prominent speakers such as Minister of International Corporation Rania Al-Mashat; Dalia Abdel Kader, Chief Sustainability Officer at CIB; Nawal Al-Hosany, the UAE’s Permanent Representative to the International Renewable Energy Agency; and Nigel Topping, the UN’s High-Level Champion for Climate Action that was appointed by the UK’s prime minister. 

During the session, Abdel Kader discussed with Topping the efforts of the Egyptian financial industry to foster sustainable finance and how the CIB is preparing for the upcoming climate summit.

The summit also witnessed the presence of Mark Carney, Co-Chair of GFANZ; John Kerry, US Special Presidential Envoy for Climate Change; Kwasi Kwarteng, British MP and Secretary of State at the Department of Business; Mairead McGuinness, European Commissioner for Financial Services, Financial Stability, and Capital Markets Union; Alok Sharma, British MP and COP 26 President; Vincent Keaveny, Lord Mayor of London; and Mary Schapiro, Vice Chair and Head of the Secretariats for GFANZ and Task Force on Climate-related Financial Disclosures. 

“As a founding signatory of the Net-Zero Banking Alliance and representative of Africa in the Alliance’s Governance Committee, we are pleased to have taken part in this session, which has helped pave a roadmap to the COP 27,” said Abdel Kader.

“Our participation in the summit comes as part of our consistent efforts to support international and regional initiatives to mitigate climate change.”

The CIB has been strongly committed to sustainable finance since the beginning of its journey in 2012. The bank has successfully embedded sustainability across all banking operations, creating a culture of responsible banking within society and among stakeholders, which aligns with Egypt 2030 Vision and the UN’s sustainable development goals.

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