RIYADH: A new policy on climate change and framework for environmental, social, and corporate governance was launched by the Islamic Corp. for the Insurance of Investment and Export Credit at the UN Climate Change Conference in Dubai.
The ICIEC, a member of the Islamic Development Bank Group, revealed that the policy aims to integrate governance principles into the institution’s operations, product development, and risk assessment processes, according to the Saudi Press Agency.
The framework also represents a comprehensive tool showcasing the strong commitment of member countries to the principles of environmental, social, and institutional governance. It also includes measures to enhance sustainability across internal operations, resources, and asset utilization.
The event was attended by the President of the IsDB Group, Mohammed Sulaiman Al-Jasser and the director-general of the International Renewable Energy Agency, Francesco La Camera, as reported by SPA.
Furthermore, the framework emphasizes the institution’s commitment to climate change by supporting initiatives to reduce carbon emissions, preserve nature, fulfill obligations under the Paris Agreement, and advocate for investment and trade opportunities.
These efforts are designed to enhance the ability to adapt to climate change, thereby supporting sustainable economic growth in member countries.
CEO of the ICIEC, Oussama Abdel Rahman Kaissi emphasized stating: “The launch of the climate change policy and the environmental, social, and corporate governance framework reflects the institution’s commitment to sustainability, driving positive change, and contributing to the achievement of global climate goals.”
He added: “It sets new standards for excellence in environmental, social, and corporate governance within the insurance and development sector.”
The ICIEC’s initiative marks a significant step toward aligning financial institutions with global sustainability goals and fostering responsible practices within the sector.
The organiztion aims to be recognized as the preferred enabler of trade and investment for sustainable economic development in its member countries and to facilitate trade and investment between them and the world through Shariah-compliant risk mitigation tools.
The Islamic Development Bank is a multilateral development bank working to improve lives by promoting social and economic development in member countries and Muslim communities worldwide, delivering impact at scale.