Thuwal, Saudi Arabia, 30 May 2023 – H.E. Dr. Muhammad Al Jasser, Chairman of the Islamic Development Bank (IsDB) Group, was the keynote speaker today at the Global Sustainable Development Congress, co-organized in King Abdullah University of Science and Technology (KAUST) by Times Higher Education (THE) and KAUST.
The Congress brings together more than 1,000 global thought leaders and innovators to discuss urgent solutions to the sustainability emergency. The event features a wide range of topics, all of which are framed around the actions that universities must take to help countries and communities meet the United Nations’ Sustainable Development Goals (SDGs). Such topics cover four tracks aligned with the transformations needed to achieve the goals: health and demography; sustainable energy and industry; sustainable environment; and sustainable cities and communities.
In his speech, Dr. Al Jasser commended KAUST for being the first Middle Eastern institution to host the Global Sustainable Development Congress. “By bringing together thought leaders, innovators, and development experts from around the world, this gathering demonstrates the progress made by the Kingdom of Saudi Arabia in addressing the challenges facing sustainable development and its readiness to be a key stakeholder in facilitating dialogue on the subject by the international development community” he stated.
“Since its inception about half a century ago, the IsDB has evolved into a vibrant multilateral organization that provides financing and knowledge-driven policy advice to facilitate sustainable development in its 57 member countries. This has translated into cumulative approvals of USD 171.62 billion to finance 11,430 operations in various sectors”, Dr. Al-Jasser said. “The energy sector accounts for 41% of these approvals, with USD 70.43 billion, followed by industry and mining, with 14.4%, making up USD 24.64 billion. This testifies to the importance the IsDB Group attaches to energy and industry as critical enablers for achieving sustainable development”, he added.
Dr. Al Jasser pointed out that despite the efforts made by various development stakeholders, the world is currently not on track to achieve the SDGs, including goals 7, 8, 9, and 12, which are the focus of this forum. For instance, today, about 770 million people live without access to electricity. “This highlights the need for the global development community to intensify efforts to support developing countries in accelerating progress toward the SDGs”, Dr. Al Jasser explained.
Addressing the delegates, the Chairman of the IsDB Group emphasized that the Group, since the adoption of the Addis Ababa Agenda in 2015, SDGs 2030, and the UN Paris Agreement, has intensified support to its member countries to implement their ambitious sustainable and climate-centered development agenda, including energy transition. “Under the Sustainable Finance Framework launched in 2019, the Bank has successfully issued a one-billion-euro Green Sukuk in 2019 and a 2.5-billion-US dollar Sustainability Sukuk in 2021. Furthermore, we are designing de-risking mechanisms to provide financing guarantees to the private sector to enhance sustainable investments in renewable energy in member countries”, he declared.
He also reiterated IsDB’s commitment to join efforts with partners to address the crises and challenges of today and to make a lasting impact in pursuit of a better tomorrow. This encompasses the enhanced collaboration with other multilateral development banks on a common global development agenda such as the financing of climate-aligned operations for 2025 and beyond. In the same vein, he reaffirmed the decision to commit 35% of IsDB’s total financing to climate-favorable operations by 2025. As of last year, it reached 33%.
Moreover, the Chairman of the IsDB Group emphasized the strong commitment of the Group to deepen its partnership with KAUST. “Through this strategic collaboration, we will capitalize on KAUST’s expertise to create innovative and sustainable solutions to the challenges of economic resilience, green economy transition, and digital applications. Some technologies identified include urban wastewater treatment, date palm cultivation, and aquaculture”, he said. Dr. Al Jasser concluded his speech by reaffirming the IsDB Group’s commitment to the SDGs. He called for partnerships with like-minded organizations, like KAUST, to provide technologies and innovative solutions to people, communities, and countries in need.
On the sidelines of the Congress, the Chairman of the IsDB Group held a bilateral meeting with Dr. Tony Chan, KAUST President. Both parties discussed enhancing the strategic partnership between the two institutions to leverage KAUST’s expertise in creating innovative and sustainable solutions that address economic resilience, green economy transition, and current digital challenges.
Dr. Al Jasser also met with Dr. Nabeel Goheer, PATH Chief of Asia, Middle East and Europe Region. He lauded the bilateral synergy between the two institutions, looking forward to enhancing it through co-financing and knowledge sharing.
Moreover, Dr. Al Jasser during a meeting with Dr. Rita Columbia, UN Resident Coordinator in Saudi Arabia, discuss enhancing cooperation with UN system to mainstreaming SDGs into the Bank’s programs and operations.
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