The General Council for Islamic Banks and Financial Institutions, the global umbrella of Islamic financial institutions, has successfully conducted a roundtable meeting on Advancing Climate Resilience: GHG Emissions Measurement in Islamic Banking and Finance in Istanbul, Türkiye and online. The meeting was hosted by the Participation Banks Association of Türkiye (TKBB) and held in conjunction with the 9th Sustainability Working Group (SWG) meeting.
Recognizing the pressing need to address climate change, the Islamic financial services industry (IFSI) is committed to aligning itself with global efforts to achieve net-zero carbon emissions by 2050. As a manifestation of this commitment, CIBAFI has initiated a project aimed at developing a Greenhouse Gas (GHG) emissions measurement methodology tailored for Islamic financial institutions (IFIs). To ensure that this methodology is shaped in consultation with stakeholders and is finalized effectively, CIBAFI organized a high-level meeting. This meeting brought together industry experts to discuss the measurement methodology and its critical considerations.
The meeting was inaugurated by Dr. Abdelilah Belatik, Secretary General of CIBAFI. During his opening remarks, Dr. Belatik highlighted CIBAFI’s commitments and initiatives to promote sustainability within the IFSI. He emphasized CIBAFI’s dedication to global efforts aimed at mitigating climate change risks, reaffirming the organization’s pivotal role in shaping the future of sustainable finance. This partnership with the Participation Banks Association of Türkiye (TKBB) aims to facilitate the mutual objectives of both institutions in fostering the growth and sustainability of the Islamic financial services industry.
Throughout the meeting, experts engaged in thought-provoking dialogues, offering valuable insights into the challenges and opportunities associated with accurately measuring emissions. They delved into the measurement methodology developed by CIBAFI for assessing GHG emissions within the Islamic finance sector, underlining the paramount importance of establishing achievable targets to drive sustainability forward.
CIBAFI continues to support the IFSI through various activities and initiatives. These initiatives include providing industry stakeholders with a platform to discuss emerging issues, representing the industry at major global events, and sharing knowledge through specialized publications and comprehensive training programmes.
