Walid Ali, General Manager of Sustainability Department at the Central Bank of Egypt (CBE), said central banks play a key role in financing the Sustainable Development Goals (SDGs) globally, noting that concerted efforts are needed for implementing  international plans aiming to attain SDGs.

He made the remarks during the 7th Forum on Strategies for Transition to Green Economy – dubbed the 7th Green Economy Forum – which kicked off on Tuesday under the theme of “The Transition C-Panel”.

Ali clarified that developing countries are not responsible for climate change, yet they bear significant burdens as a result of these changes.

He pointed out that the Central Bank of Egypt is an active player in achieving the Sustainable Development Goals and cannot be isolated from these efforts, especially in light of growing global challenges.

He added that commercial banks have become more aware of the necessity of maintaining client stability and preventing defaults, which helps achieve banking sector stability.

He noted that many banks have already begun financing eco-friendly projects that contribute to reducing carbon emissions and protecting the environment, in addition to working on expanding green lending and ensuring monetary stability.