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Egypt signs Nairobi Declaration on Sustainable Insurance

Thursday, 05 06 2021, Category: Insurance and Reinsurance, Country: Egypt
Egypt’s Regional Center for Sustainable Finance (RCSF), an affiliate of the Financial Regulatory Authority (FRA), has signed the Nairobi Declaration on Sustainable Insurance as a founding party of the agreement.

The signing was undertaken by CEO of RCSF, Sina Habous, and came during the centre’s virtual participation in an African conference, held under the auspices of the Principles for Sustainable Insurance (PSI) initiative of the United Nations Environment Program (UNEP) last month.

Under this declaration, leaders of the insurance industry in Africa are committed to supporting the UN’s sustainable development goals (SDGs).

Habous said that the declaration aims to accelerate solutions to major sustainability challenges, especially in the wake of the novel coronavirus (COVID-19) pandemic, which has slowed SDG achievement.

The SDGs come with a common global vision that focuses on: eradicating poverty; saving the planet from climate change; loss of biological diversity; degradation of the ecosystem; and pollution; and target building a prosperous and peaceful world. However, the pace of progressing towards these goals has been slow.

Habous added that, given the key role of the insurance industry in promoting economic, social and environmental sustainability, representatives of the insurance industry participating in the conference declared their commitment to measures to assess the environmental, social, and governance (ESG) criteria.

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