CIB champions climate initiatives at COP28 in Dubai

Daily News Egypt
1 Min Read

Egypt’s Commercial International Bank (CIB), the nation’s leading private sector bank, actively participated in the World Economic Forum (WEF) panel at COP28 in Dubai. The discussion, titled “Accelerating Climate Action in the Middle East and North Africa,” centered on fostering public-private partnerships and advancing net-zero strategies, including regional carbon markets and green hydrogen, to support climate action and sustainable economic growth.

CIB also contributed to the WEF’s November 2023 White Paper, “Navigating Article Six: Opportunities for the Middle East and North Africa.” The paper features CIB’s Green Bonds and the “Sustaining Sectors” client transition program as pivotal tools for transitioning to a low-carbon economy and preparing markets for carbon trading.

Dalia Abdelkader, CIB’s Chief Sustainability Officer, highlighted the evolving role of financial institutions in mobilizing climate finance to facilitate carbon trading readiness. She noted that commercial banks are key players in an ecosystem that accelerates climate initiatives, including carbon markets, green hydrogen, and cutting-edge technologies.

CIB delegates will continue to promote climate action throughout COP28, aiming to generate environmental and societal benefits.

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