The Council of Islamic Banks approves an initiative within the goal of “zero carbon” – Al-Bilad newspaper

The Council of Islamic Banks approves an initiative within the goal of “zero carbon” – Al-Bilad newspaper
The Council of Islamic Banks approves an initiative within the goal of “zero carbon” – Al-Bilad newspaper
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Country – follow-up

The Secretary-General of the General Council of Islamic Banks, Dr. Abd al-Ilah Balatiq, said that the Council approved the initiative to “develop a mechanism for measuring the carbon footprint” to move to a low-carbon economy and achieve the goal of net zero carbon emissions by 2050, in order to support society, the environment and the economy.

He explained that the decision was taken today, during the council’s round table meeting on: “Developing a mechanism for measuring the carbon footprint of Islamic financial institutions,” with the participation of a group of economists, sustainable finance, and climate change experts from a number of Islamic banks and financial institutions, regulatory bodies, and a number of International organizations, expressing his optimism about the outcomes of this meeting, which will contribute to the enrichment and development of the project.

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He pointed out that work is currently underway to develop a mechanism for measuring the carbon footprint, which takes into account the different environmental and practical characteristics in institutions, noting that a set of recommendations have been summarized with the aim of including them in the project work plan, including insights and points of view on developing a carbon footprint measurement mechanism and encouraging banks and institutions. Islamic finance in adopting it.

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