ICIEC to follow up on its successful COP27 engagement comprising three timely side events

ICIEC to follow up on its successful COP27 engagement comprising three timely side events

The COP27 proceedings on addressing the issues of Climate Action, Mitigation, Adaptation and Finance concluded in Sharm El Sheikh on 18 November 2022. It is too early to gauge the impact of the commitments pledged, such as the Loss and Damage Fund for climate vulnerable states, the lack of consensus, the absence of the leaders of some of the worst greenhouse gas emitters, or the perceived inaction or delays towards achieving the Net Zero targets set in the 2015 Paris Agreement and the broader UN SDG Agenda.

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), notwithstanding, had a successful and engaging COP27 co-organizing three timely side events, three fireside chats, and signed an MoU with the Africa Finance Corporation (AFC) to jointly deliver mark-to-market Climate Action projects using ICIEC’s de-risking solutions in the African Member States common to both.

Mr. Oussama Kaissi, CEO of ICIEC, participated in a Panel Discussion on food security and climate change which focussed on the IsDB Group’s US$10.54bn Food Security Response Program (FSRP). ICIEC, stressed Mr. Kaissi, recognizes that climate risk financing and food security challenges for Member States are enormous. The Corporation’s support for the FSRP is underpinned by its initial contribution