Mashreq has agreed to sponsor November’s 27th United Nations Climate Change conference – COP27 – in an effort to raise awareness and engagement of sustainable finance across the MENA region.
COP27 runs from 6 to 18 November 2022 in Sharm El Sheikh, Egypt.
Mashreq’s sponsorship comes as part of its acknowledgement of the gravity of the global climate challenge. The financial institution is looking to highlight its commitment to further efforts to raise awareness and engagement across the region.
Because of the severity of the climate crisis, it said that all communities, stakeholders, world leaders, climate scientists and populations should come together to tackle the issues related to climate change.
The need to deliver more innovative financing solutions, grants and concessions to help developing countries with mitigation and adaptation is clear. Mashreq is already in active discussions with several entities that are looking to explore sustainable financing for the first time. It plans to provide such entities with guidance and advice.
As part of its involvement, Mashreq will participate in panel discussions during ‘Finance Day’ on 9 November. It will do the same on ‘Energy Day’ on 15 November. The privately owned bank will also participate in other engagements with customers and partners throughout the week.
As a bank, Mashreq has previously facilitated $11.7billion worth of sustainable finance deals since October 2020. These finance deals have spanned across the GCC, India, Turkey, and Africa.
What does Mashreq’s involvement in COP27 mean?
Ahmed Abdelaal, group chief executive officer at Mashreq, commented on Mashreq’s COP27 participation. He said: “It is very exciting to be able to share the news of our sponsorship of the 27th United Nations Climate Change conference.
“We are proud to sponsor COP27 in Egypt and we are convinced that urgent and decisive climate action is necessary to protect people and planet from the intensifying impacts of climate change.
“We also see the transition to a low-carbon and resilient economy as a real opportunity to double our commitment to sustainable finance and invest in sectors that will drive economic growth and create the jobs of tomorrow. In addition, we are also embedding ESG practices across the bank, with the development of a robust sustainability framework to create more value for our people, our customers, and our shareholders.”
Ambassador Achraf Ibrahim, general coordinator for organisational and financial affairs of COP27, spoke on the importance of Mashreq’s involvement. He explained: “By embedding ESG practices across the bank, with the development of a robust sustainability framework to create more value for its people [and] its customers, Mashreq Bank is confirming that sustainability and climate change are at the heart of its priorities.
“As stated by the Bank, it facilitated $11.7billion worth of sustainable finance deals across GCC, India, Turkey, and Africa. Therefore, COP27 would be an unparalleled platform for Mashreq Bank to shape and advance solutions and reach impactful, actionable outcomes in concert with the leaders of governments and industry stakeholders.”