The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) said Wednesday that it has joined forces with Egypt’s Commercial International Bank (CIB) to host a panel on the bankability of climate adaptation projects at this year’s United Nations Climate Change Conference (COP27).
The panel discussion, which will focus on food security in Africa, will cover key topics including Egypt’s Nexus of Water, Food and Energy (NWFE) program, the financing of adaptation projects from CIB’s perspective, give insight into climate financing for adaptation from a multilateral’s perspective and showcase Standard Chartered Bank’s experience with green financing in African markets.
“This side event is a unique platform to address frameworks and methodologies for appraising Climate Adaptation projects with a focus on Africa,” Oussama Kaissi, the CEO of ICIEC said in a statement.
As a signatory to the Principles for Responsible Insurance, the ICIEC is embedding sustainable investment, climate action and finance and green finance in its due diligence process by linking all new businesses with Sustainable Development Goals and climate action indicators.
Two important pillars of climate action are mitigating the release of greenhouse gases with a focus on the transition to clean energy, for instance and adaptation to the detrimental effects of climate change—specifically climate-related impacts on water and food security.
The ICIEC said that the need for out-of-the-box thinking involving partnerships and risk mitigation solutions including credit and political risk insurance becomes ever more urgent.
The Shariah-compliant multilateral lender is committed to further boosting its green and sustainable finance operations. Together with other multilateral banks, the ICIEC has an important role in contributing to the international climate finance ecosystem.