EC initiative on “Save the Planet by shifting taxation from labor to greenhouse gas emissions”
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Suliman announces SFE working on ESG policy, strategy applicable for whatever it does
CEO of the Sovereign Fund of Egypt (SFE) Ayman Suliman announced that the fund is working on a policy and strategy of the Environmental, Social, and Governance (ESG) that would be applicable to whatever the fund is doing.
He made this exclusive announcement on Monday during the 11th Corporate Social Responsibility Forum (CSR Forum) that is held under the theme “Sustainability from Adoption to Localization… the Path to Recovery”.
Sustainability is a broader definition of what is green, he said, noting that sustainability can manifest itself in investment products. This would be applicable to various sectors which the fund deals with.
He said the fund is trying to merge ESG into everything it is doing.
“Extending beyond economic growth and creating impact in Egypt, we can actually become a catalyst to global transformation and transition,” he said, stressing that Egypt can have global impact.
The mindset has changed over the past five years significantly, he said, noting that “We are actually the green backyard of energy resources for Europe.”
He added that the recommendations of the 2021 United Nations Climate Change Conference (COP26) for greener economy cannot be achieved without the contribution of North Africa and Egypt has a significant role to play in this regard.
“Egypt is totally different now than before,” he stressed.
He said international institutions – like the World Bank, the IFC, etc – “are very much biased towards green but this green has be taken within context of what emerging markets can offer in terms of transition and how fast can we make this transition without disrupting our sustainable economic” progress and industrialization.
He highlighted encouraging the private sector to engage in infrastructure projects in Egypt to have both sustainable management and sustainable profitability.
As for the tourism sector, he said this important sector in Egypt will recover quickly, so that it is vital to cope with the new international tourism trend and changing attitudes of tourists in light of bankruptcy of Thomas Cook.
So that, when Egypt works on renovating its touristic sites, they have to be reintroduced in view of these new concepts; they have to be green, technology-enabled and coping with the behavioral shift of tourists, he said, underlining the importance of maintaining the heritage of the archaeological sites.
The fund also seeks to have an investment vision that goes beyond 10 or 15 years, he added.
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