The Financial Supervisory Authority Chairman, Dr. Mohamed Farid, took part in the round table discussions that were presided over by Dr.
Mahmoud Muhyiddin Raed Al-Manifiya has been tasked by the Egyptian Presidency of the Conference of States Parties to the United Nations Framework Convention (COP27) and the United Nations Special Envoy for financing the 2030 agenda for sustainable development, along with a delegation from the Group of International Experts in Finance and Development, with creating a working paper to finance climate change.
in which Dr.
Mohamed Farid reaffirmed the authority’s eagerness to fully coordinate and partner with all parties to advance the Egyptian state’s efforts to address matters pertaining to dealing with the effects of climate change, as the authority assumed a high priority for this issue within the context of its competencies, where the authority works to develop and develop companies’ capabilities and raise their awareness levels, How to make disciplines related to financial wives assoc.
In accordance with international directives and in preparation for Egypt’s hosting of the COP27 global climate summit, the Financial Supervisory Authority organised a training programme for businesses operating in the non-banking financial sector called Financial Disclosures Related to the Climate on “Climate Related Financial DiscLosors,” or TCFD.
The Authority also organized the joint training program of the International Securities Organization (IOSCO) and the International Sustainability Standards Council (ISSB) in order to spread the ideas of sustainability in non -bank financial activities, developing the capabilities of workers in financing activities to adopt the application of international sustainability standards, and the related requirements for disclosure gathered by businesses with the help of experts and managers in charge of establishing sustainable financing strategies and rules for more than 40 nations.
Dr.
Mohamed Farid continued, “The reports of sustainability and climate change that companies are committed to submitting to the authority will clarify the extent of the implementation of the principles of sustainable development, and in a way that generates confidence among investors and enables them to make thoughtful investment decisions by identifying the risks and opportunities that traditional financial reports may not monitor, Making the Egyptian market more attractive to investors.”
Dr. Mahmoud Muhyiddin stated that the global climate summit, which Egypt hosted in its current session, will concentrate on talking about how to translate commitments into practises for implementation on the ground, by developing suggestions that can be implemented on all paths, including mitigation and adaptation, as well as coordinating efforts to provide the required funding for climate work.
During the preparations for the climate conference, the head of financial supervision takes part in an international round table on financing and development.
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