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COP27 It will take place from 6 to 18 November 2022 in Sharm El Sheikh, Egypt.
Mashrek’s sponsorship is offered as part of its recognition of the seriousness of the global climate problem. Financial institutions want to underscore their commitment to further efforts to increase awareness and engagement across the region.
It says that the climate crisis is so severe that all communities, stakeholders, world leaders, climate scientists and residents need to come together to tackle issues related to climate change.
There is a clear need to provide more innovative financing solutions, grants and concessions to support mitigation and adaptation in developing countries. Mashreq is already in active discussions with several organizations that are considering sustainable funding for the first time. We plan to provide guidance and advice to such companies.
As part of that engagement, Mashreq will participate in a panel discussion on Finance Day on November 9th. The same goes for Energy Day on November 15th. The private bank will also participate in other engagements with customers and partners throughout the week.
As a bank, Mashreq has facilitated $11.7 billion worth of sustainable financial transactions since October 2020. These financial transactions span the GCC, India, Turkey and Africa.
Ahmed Abdelal, Group CEO of Mashreq commented on Mashrek’s participation in COP27. he said:
We are proud to sponsor COP27 in Egypt. We are convinced that urgent and decisive action on climate change is needed to protect people and the planet from the worsening impacts of climate change. .
We also believe that the transition to a low-carbon, resilient economy presents a real opportunity to double down on our commitment to sustainable finance, boost economic growth and invest in the sectors that will create the jobs of tomorrow. In addition, we are embedding ESG practices across the bank and developing a robust sustainability framework to create more value for our employees, customers and shareholders.
Ambassador Achraf Ibrahim, COP27 General Coordinator for Organizational and Financial Affairs, spoke of the importance of Mashrek’s involvement. He explains: [and] Mashreq Bank confirms that sustainability and climate change are central to its priorities.
We have facilitated $11.7 billion worth of sustainable financial transactions in the GCC, India, Turkey and Africa, as the bank states. It will be a unique platform for working with us to develop and drive solutions to achieve impactful and actionable outcomes.
