The General Council for Islamic Banks and Financial Institutions has successfully conducted a roundtable meeting on the Development of Greenhouse Gas (GHG) Measurement Tool for Islamic Financial Institutions (IFIs). This high-level meeting of sustainability and climate change experts from various Islamic banks and financial institutions, regulators, and other international organizations was held virtually today.

As key players in the global economy, the Islamic financial services industry (IFSI) is on the move to meet the goal of net-zero carbon emissions by 2050.

As part of its commitment to reinforce the value proposition of Islamic finance, and to promote sustainability and responsible business practices within the IFSI, CIBAFI is leading an initiative aimed at developing a global greenhouse gas (GHG) measurement and reporting tool that considers the characteristics of Islamic financial institutions (IFIs) portfolios and the environments in which these institutions operate.

The roundtable meeting brought together experts from leading international organizations to discuss global best practices for measuring and reporting GHG emissions from IFIs' activities.

CIBAFI Secretary General, Dr. Abdelilah Belatik inaugurated the meeting. In his speech, Dr. Belatik said: "In light of the global challenges and as the leading voice of IFSI, CIBAFI has taken this initiative to support the IFIs by developing a methodology for accurately measuring and reporting GHG emissions. This will help in the transition to net-zero carbon emissions by 2050. We hope that this meeting will provide valuable insights in progressing the GHG measurement project. We extend our thanks and appreciation to the Islamic Development Bank (IsDB) and the CIBAFI Sustainability Working Group for their support and contribution in this project."

The meeting resulted in a set of recommendations for further action. These include technical consideration on developing a GHG measurement tool for IFIs, and how to engage the role of stakeholders in encouraging its adoption.

Source: Saudi Press Agency

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