Jeddah– President of the Islamic Development Bank (IsDB) Dr. Muhammad Al Jasser said; “The IsDB Group recognizes the importance of scaling up sustainable finance as an innovative tool to support sustainable and green recovery and drive green economic growth.”

Dr. Muhammad Al Jasser made the remarks on 18 February 2022, during the meeting of the G20 Finance Ministers and Central Bank Governors, in Jakarta, Indonesia.

The IsDB .President who was virtually addressing the session on “Sustainable Finance” underlined that the IsDB Group supports the Indonesian Presidency’s proposal to develop a public policy toolbox and framework for transition finance; a framework that will help in enabling financial markets to support an orderly and just transition.

“IsDB supports the G20 Sustainable Finance Working Group (SFWG) as the primary G20 forum for coordinating international sustainable finance initiatives. However, IsDB stresses the importance of coordinating these efforts with other working groups across the Finance and the Sherpa tracks,” he stated.

Elsewhere in his remarks, Dr. Al Jasser elaborated that sustainable finance has the potential to mobilize the necessary funds efficiently to achieve the goals of the Paris Agreement and the SDGs.

In conclusion of his remarks, the IsDB Group Chairman underlined the need for MDBs to walk the talk in adopting green financing and prioritizing greener investments.

He specifically noted that the IsDB has adopted a Sustainable Finance Framework that seeks to unleash climate-friendly operations by availing financing models in tailored green projects. “These green assets will be utilized to back up the issuance of Green Sukuk to sustain the momentum of this “virtuous cycle” of greening the financial system,” he said.

Source: Saudi Press Agency