Banking sector must play bigger role in transitioning towards green economy and achieving climate change adaptation Dr. Mahmoud Mohieldin, UN Climate Change High Level Champion for Egypt, said that banks should play a bigger role in transitioning towards green economies by investing in climate projects. This came during a meeting with the Net Zero Banking Alliance (NZBA) members, which discussed the role of banking sector in the transition to net zero in New York, attended by GFANZ and UNEP FI representatives. Mohieldin stated that the banking sector’s fulfillment of its net zero commitments will reflect on economies in general and will play a crucial role in involving customers in the emissions reduction process. Dr. Mohielin addresses members of the NZBA in New York during Climate Week. He noted that banks are increasingly integrating climate action into their strategies, and making progress in implementing comprehensive climate commitments in finance activities, explaining that the global stocktake will emphasize the urgent need to accelerate mobilizing climate finance by increasing the flow of public and private finance for climate and nature activities. Mohieldin confirmed the important role of banks in stimulating investment in activities of energy transition, and channeling finance towards addressing the […]
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