The Insurers Federation of Egypt (IFE) has recommended that insurance companies create green products and contribute to financing environmental projects.
In its weekly newsletter, issued on 29 September, IFE also stressed the need for companies to contribute to financing environmental projects by supporting the issuance of green bonds and sustainable investments.
The Federation explained that adopting green insurance is a strategic choice that aligns with the goals of sustainable development and Egypt's Vision 2030, and enhances the insurance sector's ability to address climate and environmental challenges.
The Federation also pointed out that the role of insurance companies extends beyond offering insurance products that support environmentally friendly activities and projects to developing operational and administrative practices, which contribute to reducing the carbon footprint, promoting digital transformation, and directing investments towards sustainable assets.
At the same time, the federation is collaborating with the Financial Regulatory Authority on awareness efforts relating to the Authority's sustainability standards. It also focuses on raising awareness of sustainability issues in the insurance sector, both internally and externally, through its periodic publications and the organisation of specialised seminars and workshops.