The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) Launches Bespoke Climate Change Policy & Environmental, Social, and Governance (ESG) Framework at Conference of the Parties (COP 28)

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Source: Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) | Dec 04, 2023

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) Launches Bespoke Climate Change Policy & Environmental, Social, and Governance (ESG) Framework at Conference of the Parties (COP 28)

The framework emphasizes embedding ESG principles to ICIEC's operations, developing ESG-centric products and services, incorporating ESG imperatives into risk assessment and underwriting

We aim to drive positive change, contribute to global climate objectives, and set new benchmarks for ESG excellence in insurance and development

DUBAI, United Arab Emirates, December 4, 2023/APO Group/ --

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) (http://ICIEC.IsDB.org), a multilateral credit and political risk insurer and a member of the IsDB Group, proudly announces the unveiling of its Climate Change Policy and Environmental, Social, and Governance (ESG) Framework during COP28. The momentous launch was graced by H.E. Dr. Muhammad Sulaiman Al Jasser, the President of the Islamic Development Bank and Chairman of the Board of Directors of ICIEC, H.E. Francesco La Camera, the Director-General of International Renewable Energy Agency (IRENA), and Mr. Oussama Kaissi, the CEO of ICIEC.

The ICIEC Climate Change Policy reinforces our unwavering commitment to combatting climate change and serves as a blueprint for ICIEC’s to increase ICIEC’s intervention in sustainable projects and programs. Anchored on this policy, ICIEC pledges to upscale its support to initiatives aimed at reducing carbon emissions, safeguarding nature, and fostering sustainable economic growth.

To advance the role of climate action, ICIEC commits to assisting Member States in meeting their obligations under the Paris Agreement and champion investment and trade opportunities that enhance resilience and increase adaptability to climate change.

The ICIEC ESG Framework is a holistic tool showcasing our strong dedication to ESG principles. The framework emphasizes embedding ESG principles to ICIEC's operations, developing ESG-centric products and services, incorporating ESG imperatives into risk assessment and underwriting. Measures are implemented to promote sustainability throughout internal processes, including sourcing and resource usage practices.

In a statement, Mr. Oussama Kaissi, CEO of ICIEC, affirmed, "The launch of our Climate Change Policy & ESG Framework reflects ICIEC's commitment to sustainability. We aim to drive positive change, contribute to global climate objectives, and set new benchmarks for ESG excellence in insurance and development."

This significant initiative reaffirms ICIEC's policy thrust in promoting sustainable development and resilience in the face of climate challenges.

Distributed by APO Group on behalf of Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) Launches Bespoke Climate Change Policy & Environmental, Social, and Governance (ESG) Framework at Conference of the Parties (COP 28) (1)

Media Contact:
Mrs. Rania Binhimd,
Communication Department
Email: Rbinhimd@isdb.org

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About The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC):
ICIEC commenced operations in 1994 to strengthen economic relations between OIC Member States, promote intra-OIC trade, and facilitate investments by providing risk mitigation tools and financial solutions. The Corporation is uniquely the only Islamic multilateral insurer in the world. It has delivered a comprehensive suite of solutions and services to the public and private in its 49 Member States and globally. The products' suite includes Documentary Credit Insurance Cover, Credit Insurance Cover, Bank Master Policy, Non-Honouring of Sovereign Financial Obligation, and Investment Insurance Products. ICIEC has maintained for 15 consecutive years an "Aa3" insurance financial strength credit rating from Moody's, ranking the Corporation among the top of the Credit and Political Risk Insurance (CPRI) Industry. ICIEC's resilience is underpinned by its sound underwriting, reinsurance, and risk management policies. Cumulatively, ICIEC has insured more than US$ 100bn in trade and investment directed to specific sectors - energy, manufacturing, infrastructure, healthcare, and agriculture. For more information, visit: http://ICIEC.IsDB.org.