In support to regional efforts aimed at increasing the Middle East and North Africa’s focus on greening the financial system in the region, the World Green Economy Organization (WGEO) has made its presence during a conference organized by Euromoney Conferences to highlight some key factors that would help accelerate the adoption of sustainability financing in the MENA region.

Themed ‘Sustainability MENA: Financing the region’s transition to a low carbon global economy’, the conference with over 125 delegates was held recently in collaboration with Global Capital as co-host along with several other high-profile partners at the Ritz Carlton, Dubai International Financial Centre.

Jean-Philippe Bonsaudo, Private Sector Partnership Manager at WGEO, emphasized during a panel discussion titled ‘Transforming the MENA financial system and creating a sustainable future’ that regulation and legislation are the most important factors necessary to accelerate sustainable finance in the region. He reiterated that with key regulations in place in support to the green economy and sustainability agenda, companies, as well as investors, will value the need to disclose their environmental, social and governance activities.

The event also explored other aspects of green financing such as the potential for sustainable and responsible capital markets in the MENA region and how they can contribute to growth; a review of the region’s status in engaging in Socially Responsible Investment (SRI); policies currently being developed in the region to reorient the financial system towards efforts that support sustainable development. Among other key topics include the latest innovation in the green and sustainability-linked syndicated loan market; latest trends in the global green and sustainable financial markets; and the role of capital markets as a force for social good, among others.

The event included two-panel discussions and featured a special session titled ‘Dubai Sustainable Finance Working Group – Corporates and sustainable finance: benefits of pursuing sustainable finance’. There was also an interview session focused on ‘Development banks and their role in the region’s transition’. The event witnessed panellists representing leading banks and entities include Franklin Templeton Investments, Majid Al Futtaim, Aramex, HSBC, First Abu Dhabi Bank, Islamic Development Bank, and Standard Chartered Bank.