Experts from 23 countries gather at CIBAFI to discuss climate change action and the development of GHG measurement for Islamic finance 

24^th January 2023, Manama, Kingdom of Bahrain | The General Council for Islamic Banks and Financial Institutions, the global umbrella of Islamic 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 organisations was held virtually today.

The Paris Climate Agreement represents a significant step in the international community's efforts to combat climate change. 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 aiming 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.

Among the industry experts who shared their insights during the discussions were Dr. Vito Intini, Regional Lead Economist and Inclusive Growth and Sustainable Finance Team Leader, United Nations Development Programme, Jordan; Mr. Bradley Todd Hiller, Lead Climate Change Specialist, Islamic Development Bank (IsDB), Saudi Arabia; Mr. Saravanan Dhalavoi, Director, Climate Change and Sustainability Services (CCaSS), Ernst and Young (EY), Bahrain; Dr. Dalal Aassouli, Assistant Professor of Islamic and Sustainable Finance, Hamad Bin Khalifa University, Qatar; Ms. Angélica Afanador-Ardila, Executive Director, Partnership for Carbon Accounting Financials (PCAF), Netherlands; and Dr. Adriana Kocornik-Mina, Senior Manager of Metrics and Research, Global Alliance for Banking on Values (GABV), Netherlands. The meeting discussions were moderated by Dr. Wael Mohamed AAMINOU and Dr. Ahmed TAHIRI JOUTI, Managing Partners, Green for South; and Mr. Rachid Ettaai, Business Development Manager, CIBAFI.

CIBAFI continues to support the Islamic financial services industry 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.