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When: 13:30-15:00, Friday, 11 November
Where: Islamic Development Bank Pavilion, Green Zone
This session will explore the role of Islamic Finance in global climate finance. The panellists will discuss the Islamic banking industry’s contribution to Sustainable Development Goals (SDGs), and particular environmental activities and infrastructure finance. Examples of successful Islamic finance products for green infrastructure will be presented and the challenges of integrating Islamic finance with the conventional climate finance landscape, which mainly consists of grants and loans, will be discussed.
Prof. Savas Alpay, Chief Economist, Islamic Development Bank Group
Monica Scatasta, Head of Environment, Climate and Social Policy, European Investment Bank
Burak Saygili, Assistant Manager, Development Finance Institutions, Industrial Development Bank of Turkey
The moderator will start the discussion by challenging the speakers with the view that despite rapid growth, Islamic finance has failed to fulfil environmental and social goals. The issue of governance will be raised.
The Islamic Development Bank Group (IDBG) is a key player in clean energy sector investments, investments that total approximately USD 1 billion from 2010 to 2012. They will present an overview of the global Islamic finance landscape and how stakeholders can influence the direction towards a more inclusive and greener economy.
The European Investment Bank (EIB) will share experience on their MOU signed with IDBG in 2012 for strengthening cooperation and consultation between both institutions.
The Industrial Development Bank of Turkey (TSKB) signed a USD 220 million restricted Mudaraba with ISDB in 2013. The facility is expected to enable the construction of 489 MW of renewable energy installations (hydro, wind, solar) in Turkey with a total cost of approximately USD 1 billion. Moreover, at least 30% of the facility is being earmarked to promote energy efficiency projects, targeting energy intensive industries, such as cement and steel.