Chapter Zero Egypt 1st in Africa to join CGI global network to promote climate governance in firms

Chapter Zero Egypt 1st in Africa to join CGI global network to promote climate governance in firms
13 / 07 / 2023
بقلم Marwa Nassar - -

Chapter Zero Egypt is the first in Africa and the southern and eastern Mediterranean region to join the Climate Governance Initiative (CGI) global network with an aim to promote the understanding and adoption of effective climate governance practices among corporates and financial institutions in the country.

The European Bank for Reconstruction and Development (EBRD) and the CGI are supporting the launch of Chapter Zero Egypt which has has the technical support of BDO Egypt consulting and LOBBY EGYPT Communication Advisory .

CGI’s global network of more than 25 national and regional chapters promotes the adoption of the Principles for Effective Climate Governance published by the World Economic Forum (WEF). Established in 2019, CGI aims to equip its members with the skills and knowledge to make addressing climate change a boardroom priority.

This new platform will enable the development and sharing of expertise between non-executive directors, senior management business leaders and policy and technical experts to ensure that good climate governance practices are communicated to boost low-carbon development, sustainable enterprise and economic growth.

The EBRD supports the establishment of this new chapter as part of a partnership with CGI to enhance boards’ understanding of how climate risks could affect their business in regions that are a key focus for the Bank. In April 2022 the EBRD and CGI partnered up to promote the climate governance of companies. The partnership includes training non-executive directors on climate-related risks and their implications for business, aiming to boost the capacity of boards to move towards a net-zero economy.

Today’s event was attended by the Minister of Petroleum and Mineral Resources in Egypt, Tarek El Molla, the Minister of Environment in Egypt, Yasmine Fouad, EBRD Head of Egypt office, Khalid Hamza, Chair of the Climate Governance Initiative’s Governing Board and Chair of Chapter Zero Egypt, Julie Baddeley, and representatives from the field of development and academia.

The EBRD’s Head of Egypt, Khalid Hamza, said: “We are very proud to support the launch of this strategic initiative together with CGI to help address climate change at the company level and achieve systemic impact. Private-sector leaders in Egypt have a significant role in steering their organisations towards more resilient, low-carbon and sustainable business models. By supporting policy engagement and stepping up capacity development, Chapter Zero Egypt will accelerate progress in the green transition of Egypt’s economy.”

The Chairman of Chapter Zero Egypt, Ahmed El Sewedy, President and CEO of El Sewedy Electric, stressed the need to unite efforts between companies, members of civil society, and stakeholders, to reduce the impact of climate change and adopt policies that ensure sustainable development, promote growth and competitiveness. He expressed appreciation to the EBRD, and to the Climate Governance Initiative, for their continuous support to establish the Association.

Julie Baddeley, Chairman of the Climate Governance Initiative, said: “We’re delighted to welcome Chapter Zero Egypt to the Climate Governance Initiative’s global network. With its core mission to accelerate climate action in Egyptian organizations, driven by a founding group of passionate patron chairs and committee members, Chapter Zero Egypt is primed to deliver real impact for its members and the stakeholders their organizations touch. We look forward to working with the Chapter on this vital mission.”

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