Rizwan Kanji Quoted on Growth of ESG in the Middle East
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Akin capital markets partner, Rizwan Kanji, has been quoted by IFLR for its article “ESG moves up on corporates’ priority lists in the Middle East”.
The article cites government initiatives on net zero targets, disclosure frameworks and corporate governance codes as key drivers for the spike in corporate engagement with ESG matters in the region.
Speaking on the increase of green bond issuances over the last few years, Rizwan said “This is a good reflection of the growth in this particular space in the region”.
“Additionally, the hosting of COP28 has definitely provided impetus for the growth of this industry,” he adds. “Sovereign-related entities have come to the market and created a positive outlook for this nascent market in the region."
Turning to the future of ESG in the Middle East and the challenges that lay ahead, Rizwan added “The cost of issuance is something that should be considered”, explaining that with green bonds, there is a continued cost considering the disclosure obligation.
Rizwan explains that state support, such as the initiative established by the Monetary Authority of Singapore, “could be one tool to help further growth in this space”.
You can read the full article here.
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