ICD Convenes Experts to Explore Private Sector's Role in Mitigating Climate and Poverty
Dubai, United Arab Emirates – 5 December 2023 – The Islamic Corporation for the Development of the Private Sector (ICD), a member of the Islamic Development Bank Group (IsDB Group), hosted a side event titled "Climate, Poverty and Finance: The Role of the Private Sector" during the 2023 United Nations Climate Change Conference (COP28) in Dubai, the United Arab Emirates. The event aimed to explore how the private sector can contribute to addressing issues of climate change, and poverty with a focus on financing.
Moderated by Dr. Mohammed Alyami, Director Development Effectiveness Office at ICD, the event featured prominent speakers, including Dr. Mahmoud Mohieldin, UN Climate Change High-Level Champion for COP27, Dr. Susanna Gable, Deputy Director, Development Policy and Finance at the Gates Foundation, and Dr. Vera Songwe, Co-chair, High Level Expert Panel on Climate Finance, COP28.
The event highlighted the urgent need for private sector involvement in addressing climate change and poverty, as these challenges pose significant threats to global sustainability and development. Private sector participation can bring innovative solutions, financial resources, and expertise to support climate change adaptation and mitigation efforts, while also contributing to poverty reduction and economic growth.
In his keynote address, Dr. Mohieldin emphasized the critical role of the private sector in accelerating climate actions and achieving the Sustainable Development Goals (SDGs). He urged private sector leaders to adopt sustainable business practices and invest in climate-resilient technologies that can simultaneously address climate change and poverty. He also encourages a stronger partnership to mobilize resources locally, MDBs advisory support, and bilateral funding.
Dr. Gable echoed Dr. Mohieldin's call for private sector action, emphasizing the need for collaboration between public and private actors to scale up investments in sustainable development projects. She highlighted the direct link between climate investing and poverty alleviation and Gates Foundation's commitment to supporting innovative partnerships that leverage private sector expertise to address climate change and poverty.
Dr. Songwe emphasized the importance of aligning financial flows with climate and poverty reduction goals. She called for a paradigm shift in the financial system, moving towards a focus on sustainable and inclusive investments that can deliver both environmental and social benefits.
The side event served as a valuable platform for exchanging insights and fostering collaboration among key stakeholders in the fields of climate change, poverty reduction, and private sector development. The discussions highlighted the potential of the private sector to play a transformative role in addressing these interconnected challenges and shaping a more sustainable and equitable future for all.
About the Islamic Corporation for the Development of the Private Sector (ICD)
ICD is a multilateral organization and a member of the Islamic Development Bank (IsDB) Group. ICD's mandate is to support economic development and promote the growth of the private sector in its member countries through providing financing facilities and/or investments in accordance with Shariah principles. Additionally, ICD offers advisory services to governments and private organizations to encourage the establishment, expansion, and modernization of private enterprises. ICD has received an AA/F1+ rating from Fitch and Aa3/P1 from Moody's.