The Regional Center for Sustainable Finance, affiliated to the Financial Regulatory Authority (FRA), has launched the “Pioneers of Excellence in Sustainability” competition in the non-banking financial sector for the first time to motivate and encourage entities to implement SDGs and responsible investment.
The competition comes in conjunction with the ongoing preparations of Egypt’s hosting the 27th Conference of the States Parties to the United Nations Convention on Climate Change (COP27).
Mohamed Omran, Chairperson of the FRA, said that the competition supports the authority’s efforts to localize the principles of sustainable development and green finance in the non-bank financial sector, which it launched in 2018 to build a strong financial sector capable of adapting to climate changes and avoiding climate change’s negative effects are in line with Egypt’s 2030 vision, and works according to an effective approach to managing risks and crises, and is looking for opportunities for development in which it balances achieving financial profits, preserving the ecosystem and developing society, and moving forward to achieve tangible progress towards the application of practices that are not harmful to the environment.
He added that the jury, which includes experts specialized in sustainability, will select 10 contestants representing all activities subject to the supervision of the authority from the total applicants to win the award, according to a number of criteria and conditions set by the Regional Center for Sustainable Finance.
Participating entities in the “Pioneers of Excellence in Sustainability” competition should have a business model that can be emulated to encourage constructive competition, innovation, and adoption of new opportunities that help create a low-carbon economic climate that contributes to slowing climate change and achieving strong economic recovery.
On the other hand, the competition enhances the role of small and medium-sized companies, increasing their competitiveness and their contributions to sustainable development plans to achieve Egypt’s Vision 2030.