UNEP Deputy Executive Director Ibrahim Thiaw: Address to the Islamic Development Bank, Jeddah, Saudi Arabia

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"It is an opportune time, for the Islamic Development Bank to discuss not only Paris but broader notions of sustainability and how Islamic finance can play a part."

Last week, The United Nations Environment Programme (UNEP) and the Islamic Development Bank (IDB) agreed on wide-ranging cooperation on environmental conservation in support of sustainable development and the fight against climate change.

In his speech, Mr. Thiaw addressed the challenges and opportunities following the Paris Climate Agreement, stating that “this is unquestionably the time to discuss this topic, because what we witnessed in Paris was indeed historic.”

UNEP, which has many partnerships across government, industry and civil society, recognizes the economic and social potential of addressing environmental issues, and according to Mr. Thiaw, they are not alone. COP21 illustrated that there is a great deal of support for new measures, firm commitment and a push towards a new direction. In this regard, he welcomed this opportunity to discuss with the Islamic Development Bank (IDB) not only Paris, but also broader notions of sustainability and ways in how Islamic finance can play a part.

In the remainder of his keynote speech, Mr. Thiaw took the time to dig deeper into the challenges and opportunities, which he said can be broadly categorized as “the Four D’s”; namely decarbonization, detoxification, decoupling and lastly, defense of our ecosystems.

By working with senior officials and executives in major banks such as the People's Bank of China and the Bank of England, UNEP, through UNEP Inquiry, has discovered a wide range of examples and best practices in green finance around the world, and shown that there is a trend - "a quiet revolution" - toward green finance in the financial sector.

“The Islamic Development Bank in particular can be majorly relevant in contributing to the global agenda of sustainable growth and development,” he said, pointing out that the IDB can play an important role in addressing the before mentioned “Four D’s”.

Mr. Thiaw concluded by once more stressing that now is the opportune time “for the public and private sectors to create meaningful partnerships in order to advance sustainable development.” In addition, he reminded everyone that “UNEP is facilitating cooperation and partnerships among interested institutions, including those at the national level, and welcomes the chance to engage further with the Islamic Development Bank.”

“The principles of Islamic Finance are key to understanding what is at stake: we all share risks and we all share the benefits of investing in a greener future. Let us all be shareholders of change.”

Ibrahim Thiaw’s full keynote speech can be found here: http://bit.ly/1PmvR8D

UNEP Inquiry: http://web.unep.org/inquiry