Arab Green & Sustainable Finance Network (AgreFin)
The Arab Monetary Fund (AMF) focuses a high priority on green and sustainable finance, as well as achieving the sustainable development goals (SDGs). This commitment is consistent with the global momentum on climate issues, green finance, and carbon emissions management to mitigate climate change risks. In addition to carrying out studies, issuing guidelines, providing training courses and organizing conferences and events, the AMF established the Green and Sustainable Finance Network in Arab Countries (AGREFIN) in January 2023.
Overview of the Arab Green and Sustainable Finance Network
The AGREFIN provides a forum for peer-to-peer learning and exchange of experiences, sharing knowledge, and enhance coordination on sustainable finance issues to stay up with the changing landscape of sustainable financial activities and services. This network brings together senior officials from ministries of finance, central banks, and capital market authorities, as well as experts from international institutions’ partners such as IMF, World Bank and BIS.
The ultimate objective of AGREFIN is to strengthen the financial system's role in managing climate change risks, mobilizing finance for green, low-carbon investments, and supporting the circular carbon economy to improve energy security within the context of the SDGs, as well as puts together the positions of Arab countries in international initiatives relating to climate change and energy security.
AGREFIN’S Secretariat
The AMF serves as the technical secretariat for the AGREFIN, as part of its role within both Councils of Arab Central Banks’ Governors and Arab Finance Ministers. The AMF conducts network meetings and works with the network's work team to develop working papers and studies. These contributions are made during the annual meetings of the Boards of Governors of Central Banks.
Through this network, the AMF actively supports Arab countries' continued attempts to incorporate sustainability into their financial systems. It helps to design policies that address the issues of climate change, promote green and sustainable financing, manage climate change risks, and facilitate the transition to a circular carbon economy (CCE) and enhancing the energy security.
Promoting Sustainable Finance Policies
including working with policymakers, regulators, and stakeholders to promote the implementation of sustainable finance rules and practices.
Promoting Sustainable Finance Practices
by raising awareness, providing training programs, and advocating for regulations that support them.
Carrying out Studies and Research
on sustainable financial practices in the Arab world, highlighting good practices, trends, and challenges and provides policy recommendations for enhancing these practices.
Leveraging partnerships and global expertise to promote Green Finance practices
working with other organizations that enable the exchange of knowledge and expertise, resulting in cooperative activities that promote sustainable finance.
Targeted Activities in Green and Sustainable Finance
AGREFIN intends to engage in a variety of AMF initiatives and working groups within this framework. The following are a tentative list of key activities to be performed by the network:
Arab Green Finance Events
Organizing high-level meetings and events, including Arab Green Finance Day and recognition initiatives.
Green Finance Data Platform
Creating a green finance database under the ARABSTAT initiative.
Sustainable Finance Infrastructure
Strengthening sustainable finance infrastructure across Arab countries.
Green Finance Index
Developing a regional index for green and sustainable finance.
Research and Publications
Publishing working papers and studies on green and sustainable finance.
Green Investment Framework
Strengthening frameworks for green investments, bonds, Sukuk, and insurance.
Islamic Green Finance
Promoting the role of Islamic finance in supporting green and sustainable financial instruments.
Guidelines and Standards
Developing regional guidelines and concepts for green and sustainable finance.
Annual Climate Report
Publishing an annual report on climate-related developments and Arab initiatives.