Financial sector key to achieving SDGs

TDT | Manama         

The Daily Tribune – www.newsofbahrain.com

A roundtable discussion was held focusing on the financial sector’s involvement in exploring innovative financial tools to accelerate the attainment of Sustainable Development Goals (SDGs).

The Central Bank of Bahrain (CBB), in cooperation with the Ministry of Social Development, organised the panel discussion for the financial sector and listed companies. The session stressed the importance of implementing national plans and programmes aimed at reaching zero neutrality by 2060, within targeted Financial Services Sector Development Strategy (2022-2026), and the 2030 Bahrain Economic Vision.

“We are pleased to cooperate with the Ministry of Sustainable Development to host this discussion session, which aims to highlight Bahrain’s efforts and programmes towards achieving carbon neutrality by 2060,” said CBB Governor Rasheed Mohammed Al Maraj, welcoming chief executives of listed companies, insurance firms, banks and investment companies.

This roundtable is part of a series of discussions with the financial sector to explore solutions that meet environmental, social, and governance (ESG) standards. It is also one of the CBB initiatives aimed at enhancing the sector’s resilience and efforts to provide financing that is compatible with green requirements in accordance with relevant international best practices.

Challenges

Addressing the session, Sustainable Development Minister Noor bint Ali Al Khulaif stressed the importance of tackling social, environmental and other challenges to support efforts to achieve sustainable development.

She noted the need to stimulate the financial sector to innovate in designing instruments, which will contribute to strengthening the financial sector in order to continue playing a leading role in the region and bolster Bahrain’s standing as an incubator destination for various fields of financial technology.

The ministry stressed the importance of enhancing the sector’s flexibility and response to any challenges, commending its pivotal role, within the economic recovery plan. The minister indicated that the roundtable discussion is Bahrain’s preparations to participate in the summit on sustainable development goals, which will be held at the United Nations in New York this September, on the sidelines of the UN General Assembly meetings.

International practices

International Monetary Fund (IMF) Executive Director for the Arab Group and the Maldives, UN Special Envoy for Financing the 2030 Agenda for Sustainable Development Dr. Mahmoud Mohieldin highlighted the best international practices and trends towards environmental, social and corporate governance (ESG) standards.

“The drivers of climate action and transformation require the availability of fair and appropriate financing, the implementation of technological solutions, and changing ideas and policies among all actors”, he said in a presentation.

“These tools are key to achieving the sustainable development goals as a whole, including the goal of confronting climate change”, he pointed out Bank ABC Group Chief Executive ael Al Waary, Alba CEO Ali Albaqali, BEYON Chief Communication and Sustainability Officer Shaikh Bader bin Rashid Al Khalifa also took part in the roundtable sessions.