Transformational role financial institutions play in accelerating GCC’s food security and climate goals globally

  • Date: 07-Dec-2023
  • Source: Zawya
  • Sector:Technology
  • Country:UAE
  • Who else needs to know?

Transformational role financial institutions play in accelerating GCC’s food security and climate goals globally



With the global population set to reach 9.8 billion by 2050, communities and ecosystems are facing enormous resource challenges. A recent report by KPMG Lower Gulf, First Abu Dhabi Bank (FAB), and the International Islamic Trade Finance Corporation (ITFC), titled “Harvesting Resilience, Leveraging Finance for Food Security and Climate Resilience”, shows how the financial sector is a critical catalyst for change, with potential to shape a sustainable and resilient future. The report analyses how banks, investors, regulators, and multilateral institutions can effectively collaborate to achieve global climate and food security objectives. It also highlights supporting technologies that are preserving food system integrity and proposes actionable recommendations for financial institutions to actively contribute to a sustainable future. Food security is a critical goal for the GCC. In the UAE, the Food Security Strategy 2051 aims to position the country as one of the most food-secure in the world through initiatives that ensure the longevity of food systems through climate mitigation and adaptation. Here, sustainable finance presents promising opportunities for GCC banks to drive innovation and invest in sectors crucial for sustainable economic growth. Islamic Finance, which also embeds sharia’ exclusionary criteria that could be similar to sustainable finance negative screening, offers