Mahmoud Mohieddin.. Standards of environmental and social practices are witnessing Arab development

Mahmoud Mohieldin.. Standards of environmental and social practices are witnessing Arab development

Dr. Mahmoud Mohieldin - the United Nations Special Envoy for Financing the 2030 Agenda for Sustainable Development, and a climate pioneer for the Egyptian presidency of the Conference of the Parties (COP) to the United Nations Climate Change Convention (COP27) - has made outstanding contributions in the field of combating climate change locally and internationally. Regarding this thorny issue, he stressed that there are indications that the standards of environmental and social practices - as well as corporate governance - have gained Arab momentum and interest, especially after Egypt hosted the twenty-seventh Conference of the Parties (COP) last year, in addition to the Dubai Summit - COP28 - which will be held early next November.

This confirmation was part of a speech in which he participated in a discussion symposium, which the Central Bank of Bahrain cooperated with the Bahraini Ministry of Sustainable Development to hold; To discuss standards of environmental, social and governance practices, and to try to find and innovate faster financing mechanisms to achieve Sustainable Development Goals (SDGs).

This symposium was held with the participation of Nour Ali Al-Khalif, “Bahrain’s Minister of Sustainable Development,” and Rasheed Al-Maraj, “Governor of the Central Bank of Bahrain,” in addition to officials and representatives of international banks and financial institutions. Dr. Mahmoud Mohieldin said: “Egypt, Bahrain, Saudi Arabia, and the UAE have all come a long way until they have established significant standards for environmental, social, and corporate governance practices.”

Regarding these standards, he explained that their application is growing and developing among a number of countries in the Arab region, and that the Sustainable Development Goals (SDGs) are an integral step with these standards. Stressing the importance of compatibility between them; As they - the Sustainable Development Goals (SDGs) and the standards of environmental, social and governance practices - move on parallel paths.

Mahmoud Mohieldin, the Egyptian climate pioneer, pointed out the necessity of establishing standards and regulatory codes for environmental, social, and governance practices. Because it is capable of developing the economy, improving social indicators, and activating climate and environmental plans. Therefore, he emphasized in clear words that these standards must include the dimensions of environmental and climate action.

In the same context, Dr. Mahmoud Mohieldin noted the importance of the report of the “Independent Group of High-Level Experts,” which was formed by the decision of the Secretary-General of the United Nations, Antonio Guterres, as the report formulated clear standards for environmental and social practices. In order to reduce the phenomenon of "Greenwashing".

Mohieldin reported that there was a heated debate about the role of the private sector, drawing attention to the fact that companies cannot achieve profit without carrying out their societal responsibilities and contributing to environmental work. He continued on this role until he made it clear that profit and societal responsibility are two complementary goals that do not conflict, and that such societal contributions are a direct reason for maximizing returns and profits.

Dr. Mahmoud Mohieldin added that there is also controversy about limiting the standards of corporate environmental practices to emission mitigation activities and not other climate activities. Therefore, he stressed the necessity of adopting a comprehensive approach that includes all dimensions of environmental and climate action, including adaptation to climate change and dealing with its losses and damages.

It is worth noting that Dr. Mahmoud Mohieldin spoke about these regulatory codes and standards issued by the International Organization for Standardization (ISO) during the “COP27” meeting in Sharm El-Sheikh, and he also spoke about the standards issued by the International Organization of Securities Commissions, which regulates the work of more than 95% of financial markets globally.