Michael Bloomberg Discusses Sharia Green Finance with IsDB

The economic devastation caused by the COVID-19 pandemic calls for shared responsibility, and the IsDB leadership is critically important here, says Mr. Michael Bloomberg during a webinar organized during the IsDB 46th Annual Meetings in Tashkent, Uzbekistan.

The event on 1st September discussed the importance of Shariah Financing in green initiatives with keynote speeches from IsDB President H.E. Dr Muhammad Al Jasser and Mr Michael Bloomberg, UN Ambassador on Climate Change, and former Mayor of New York City.

The discussion was complemented with speeches from H.E. Dr. Kairat Kelimbetov, Governor of Astana International Financial Centre, Kazakhstan; H.E. Dr. Sri Mulyani Indrawati, Minister of Finance, Indonesia; H.E. Mr. Amadou Hott, Minister of Economy, Planning & International Cooperation, Senegal and H.E. Dr. Hala Helmy El-Said, Minister of Planning & Economic Development, Egypt; and Ms. Mary Schapiro, Vice Chair for Public Policy & Special Advisor to Founder & Chairman Bloomberg L.P.

H.E. Al Jasser observed that the Bank considers green financing of great importance because of its focus on the promotion of sustainable development and environment-friendly products and policies.

Dr. Hayat Sindi, Senior Advisor to IsDB President, shared that many institutions set up funds to promote Sustainable Development Goals (SDGs) as continued promotion of sustainable development. 

The discussions urged for support towards climate change through Shariah Financing. The speakers highlighted the role the private sector could play in promoting Green Financing. Mr. Bloomberg further informed that IsDB and Bloomberg are bringing a joint educational programme for nine universities to have financial education, which can facilitate trade and investment.

He said that climate change poses major financial risks to every region, but it also creates opportunities for new jobs and growing the economy. 

“Effects of Climate change is happening so fast and we cannot delay to act on these effects. We need to act today. We need to promote investment in companies that are environmentally responsible. There is a need to let people know that this is in their interest to be socially responsible, and to act on climate change,” added Mr. Bloomberg.

If people are oriented toward clean energy, and are informed about the effects of pollution, they would rally against unfair policies and organizations that are polluting the environment. The meeting also discussed aligning IsDB agenda in line with the COP26.

Courtesy: IsDB-Engage