IsDB Group at COP28
Welcome to a pivotal moment in climate action! As the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28) unfolds in Dubai from November 30 to December 12, 2023, the Islamic Development Bank (IsDB) Group takes center stage, actively participating and showcasing its unwavering commitment to global climate initiatives.
IsDB Group Pavilion Location at COP28
Blue Zone, Opportunity District. Pavilion: B6-73
Why IsDB Group at COP28 Matters
COP28 signifies a critical juncture for global climate efforts, providing an invaluable opportunity for IsDB Group to spotlight its role in sustainable development. As the supreme decision-making body convenes, the IsDB Group aligns its extensive expertise and resources with the COP's mission to address climate challenges.
IsDB Group's Climate Commitments
At the heart of IsDB Group's participation is its dedication to climate financing. The Bank encourages and supports climate ambition, with a bold 5-Year Climate Action Plan targeting a 35% commitment to climate finance by 2025. In 2022, 33% of the Bank's total approvals were directed towards climate action, demonstrating a robust commitment to green initiatives.
Adaptation and Innovation
Recognizing the urgency of climate adaptation, IsDB Group takes a leading role. A significant 65% of its 2022 commitments were dedicated to climate adaptation across various sectors. The Bank addresses challenges by fostering climate-resilient investments and innovative approaches, such as green sukuk, to mobilize resources for climate action.
Paris Agreement Alignment
IsDB Group makes a bold pledge to fully align its sovereign operations with the objectives of the Paris Agreement by the end of 2023. This commitment ensures that IsDB's operations support member countries' Nationally Determined Contributions and long-term climate strategies, facilitating a just and equitable transition towards low-carbon development.
IsDB Group's Delegation at COP28
A diverse delegation from all IsDB Group departments and entities actively participates in COP28. This comprehensive representation allows the Bank to showcase its wide-ranging climate initiatives and strategic plans, aligned with its realigned strategic direction.