CIB official urges corportates to sustain growth, achieve decarbonization

27 / 06 / 2022

By Marwa Nassar - -

Dalia Abdel Kader, Chief Sustainability Officer of the Commercial International Bank (CIB), stressed it is important for corporates to sustain growth and achieve decarbonization.

She made the remarks on Monday during the 4th Forum on Strategies for Transition to Green Economy which was held in Cairo under the theme of “From Vision to Implementation.” The event is organized by CSR Egypt.

A report – issued by the Club of Rome in 1972 under the title of “The Limits to Growth” – came up with a profound assumption that “if humanity continues with the same pattern of production and consumption, we will reach zero growth in hundred years.”

The CIB official explained that “Earth has biocapacity and our pattern of industrialization businesses got us to consume 1.7 percent of the biocapacity. This means that our growth is not sustainable.”

She said “we came to acknowledge that decarbonization is important ..however, we still perceive decarbonization and net zero as commitments, almost mandatory.”

She said it is important for corporates to sustain growth and achieve decarbonization, stressing that “We are racing time.”

Financing Gap:

During the event, she noted that there is a financing gap between the efforts being exerted to address the climate change file and the negative impact of climate change.

She highlighted the importance of reviewing two main factors while addressing the climate change file; namely financing and the role of the private sector.

She noted that the 2050 national strategy for climate change needs $ 211 billion to alleviate the impact of the climate change and $ 113 billion for adaptation.
She noted, however, that the private sector is not well aware of its role and the growth opportunities within the climate file.