The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) announced its Climate Change Policy and Environmental, Social, and Governance (ESG) Framework today during COP28.
The ICIEC, a multilateral credit and political risk insurer established in 1994 to strengthen economic relations between the Organization of the Islamic Conference (OIC) Member States, and a member of the Islamic Development Bank (IsDB) Group, is slated to enhance commitment to combating climate change through its Climate Change Policy and serves as a blueprint for ICIEC’s intervention in sustainable projects and programs.
Through its announced policy, ICIEC pledges to expand its support to initiatives aimed at lowering carbon emissions, safeguarding nature, and fostering sustainable economic growth.
The announcement was witnessed by H.E. Dr. Muhammad Sulaiman Al Jasser, the President of the Islamic Development Bank and Chairman of the Board of Directors of ICIEC, H.E. Francesco La Camera, the Director-General of International Renewable Energy Agency (IRENA), and Oussama Kaissi, the CEO of ICIEC.
Oussama Kaissi, CEO of ICIEC, stressed that the launch of the Climate Change Policy & ESG Framework reflects ICIEC’s commitment to sustainability, with an aim to drive positive change, contribute to global climate objectives, and set new benchmarks for ESG excellence in insurance and development.
This initiative, he added, reaffirms ICIEC’s policy thrust in promoting sustainable development and resilience in the face of climate challenges. Measures like sourcing and resource usage practices are implemented by ICIEC to promote sustainability throughout its internal processes.
Moreover, ICIEC said it seeks to assist its Member States in meeting their obligations under the Paris Agreement, as well as encourage investment and trade opportunities that would, in turn, enhance resilience and adaptability to climate change.
According to ICIEC, its ESG Framework is a holistic tool showcasing its strong dedication to ESG principles, as the new framework emphasises embedding ESG principles to ICIEC’s operations, developing ESG-centric products and services, incorporating ESG imperatives into risk assessment and underwriting.
ICIEC poises itself as the only Islamic multilateral insurer in the world. It has delivered a comprehensive suite of solutions and services to the public and private in its 49 Member States and globally, since its inception in 1994. The corporation’s products’ suite includes Documentary Credit Insurance Cover, Credit Insurance Cover, Bank Master Policy, Non-Honouring of Sovereign Financial Obligation, and Investment Insurance Products.