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RIYADH: As part of its commitment to addressing the climate crisis, Saudi Arabia’s Islamic Development Bank has made notable advancements in its environmental initiatives.
Speaking at the Middle East and North Africa Climate Week held in Riyadh, Muhammad Al-Jasser, chairman of the Islamic Development Bank, highlighted the company’s incremental initiatives to offset the ongoing crisis.
“We have committed to ensure that 35 percent of all our financing will go into climate projects by 2025; we have already achieved 32 percent,” Al-Jasser said during a high-level ministerial panel discussing climate financing.
The bank also introduced sustainable financing through sukuks or Islamic bonds, which have proven “highly effective” in tackling environmental threats.
Joining Al-Jasser on the panel, Mohammed bin Daina, Bahrain’s special envoy for climate affairs, highlighted the challenges many countries faced with existing financing mechanisms.
Citing the Maldives, which secured funding for an initiative after five years of persistent efforts, bin Daina called for an overhaul of global support.
Building on bin Dainah’s remarks, Al-Jasser discussed the need for collaborations between multilateral development institutions.
He believes this approach would enhance financing for climate projects, particularly in countries with restricted access to funding, such as several African nations.
“If we take partnerships to a higher level than it was in the past, we will help very needy countries in the Middle East and North Africa and beyond,” Al-Jasser stated.
He added: “We need the big guns to step forward and try to compensate for the serious damage that has been done over the past 100 years.”
Furthermore, panelist and climate advocate Razan Al-Mubarak also pinpointed how nature-based solutions can significantly reduce environmental challenges. She emphasized that initiatives such as tree planting should be seriously considered.
Taking place in Riyadh from Oct. 8-12 and sponsored by the Saudi Arabian government, the deliberations during MENA Climate Week will contribute to the forthcoming UN climate change conference, or COP28, set to occur in Dubai later this year.
MENA Climate Week marks the second in a series of four scheduled in 2023. These events provide a platform for climate stakeholders to highlight ongoing initiatives and policies.