Commercial International Bank (CIB), Egypt’s leading private sector bank, co-organized a panel discussion in collaboration with the Ministry of Planning and Economic Development and the Ministry of Environment, as part of its contribution to UNFCCC – COP26 in Glasgow, titled “Public-Private Partnerships for Improved Climate Finance in Africa and the Middle East.”
This panel was part of a series of sessions held on the margins of COP26 at the Egyptian Pavilion. The sessions emphasized Egypt’s active participation at the conference and highlighted the national interest to improve climate change adaptation and mitigation.
The panel included Hala El-Said, Minister of Planning and Economic Development, along with leading international figures and renowned experts who explored a climate finance narrative for Africa and the Middle East that addresses climate change risks and opportunities. The event also discussed the challenges of financing climate change adaptation in Africa and the Middle East and the tools and policies through which developing countries can access climate finance.
“The state is partnering with the private sector to combat the effects of climate change,” stated El-Said in her opening speech. “The Egyptian state strongly believes that public-private partnerships will advance all aspects of sustainable development, including mitigating and adapting to the effects of climate change,” she added.
“The effects of climate change are already being felt all around the world, but Africa and the Middle East are hotspot regions where severe physical and ecological consequences are endangering entire ecosystems and the livelihood of communities,” said Dalia Abdel Kader, the CIB’s Chief Sustainability Officer. “We believe this event, within the wider framework of COP26, can help establish a continent-wide structure to advance public-private partnerships to finance climate change adaptation and enhance the region’s resources in fighting this arduous battle.”
Public-private partnerships play an important role in enabling countries in Africa and the Middle East to address the challenges of mobilizing climate change financing and resources. They also support the region’s adaptation initiatives and increase their resilience. On the national level, Egypt has been accelerating its transition to a green economy and promoting green recovery from the pandemic by issuing its first-ever sovereign green bond in the MENA region for $750m in 2020. The country expects to expand its portfolio even more by offering green bonds worth $1bn in 2021. The sovereign green bond issuance by the Egyptian government was followed and complemented by the first corporate green bond issuance for $100m by the CIB.
In alignment with Egypt’s National Climate Change Strategy 2030, the CIB has been committed to Sustainable Finance since 2015 and has embedded sustainability across all banking operations, creating a culture of responsible banking within society and among stakeholders, which comes in line with Egypt Vision 2030 and the Sustainable Development Goals (SDGs).
Building on the CIB’s contributions to foster sustainable development and promote transparency among stakeholders, investors and customers, the CIB was the first bank to join the Task Force on Climate-Related Financial Disclosures (TFCD) through which it provides comprehensive reporting on the Bank’s impact on the climate. CIB is also an active member in the Net-Zero Banking Alliance, representing Africa in its Steering Group and joining banks worldwide to align their portfolios with net-zero emissions by 2050.
