ICD Champions Sustainable Development and Green Finance at COP29 in Baku

On November 18, ICD organized a pivotal session focused on financing women and youth-led businesses in post-conflict areas.

The Islamic Corporation for the Development of the Private Sector (ICD), part of the Islamic Development Bank (IsDB) Group, made a significant impact at the 29th UN Climate Change Conference of the Parties (COP29) in Baku, Azerbaijan. Hosting a series of high-level sessions, ICD underscored the critical role of private sector initiatives, climate finance, and inclusive economic development in driving sustainable growth.

On November 18, ICD organized a pivotal session focused on financing women and youth-led businesses in post-conflict areas. Eng. Hani Sani Sonbol, Acting CEO of ICD, highlighted the transformative power of inclusive financing to promote long-term peace and resilience.

Ms. Nigar Arpadarai, COP29 High-Level Champion, and Dr. Emin Huseynov, Special Representative of the President of Azerbaijan, reinforced the importance of integrating marginalized communities into sustainable development frameworks.

The expert panel, including Dr. Sahar Nasr, Executive Director of the Zakat Fund, Ms. Jhale Hajiyeva, Executive Director of AMFA Azerbaijan, Dr. Elvin Afandi, Division Manager at ICD, and Mr. Dayanat Sadullayev, President of AMCHAM, provided actionable insights into overcoming barriers women and youth face in accessing finance. Discussions highlighted innovative funding mechanisms, capacity-building programs, and partnerships to catalyze inclusive economic growth.

Climate Finance and Public-Private Partnerships

On November 16, ICD hosted a panel discussion on leveraging multilateral climate funds to support sustainable projects through public-private partnerships (PPPs). The session emphasized the need for collaborative frameworks to align climate financing with private-sector initiatives.

Speakers included Dr. Mohammed Alyami, General Manager of the Development Effectiveness Office at ICD, and David A. Dodd, CEO of the International Sustainability Resilience Center. They shared success stories from global PPPs, showcasing how multilateral funds can be optimized for high-impact projects in renewable energy, sustainable agriculture, and green infrastructure.

Financial Institutions and Green Growth

ICD’s session on November 19 explored the pivotal role of financial institutions in advancing green finance. Panelists discussed innovative tools and strategies to integrate sustainability into banking and financial services.

Key participants included Dr. Fatih Yilmaz, Senior Fellow at KAPSARC, Mr. Shahin Mahmudzade, Executive Director at the Central Bank of Azerbaijan, Dr. Elvin Afandi, Division Manager at ICD, and Mr. Nabil Kadri, Managing Director of BNDES. Discussions highlighted the importance of regulatory support, risk-sharing mechanisms, and capacity-building initiatives to drive green finance adoption across emerging markets.

Expanding Commitments to Global Sustainability Goals

ICD’s active participation at COP29 reaffirms its commitment to aligning private sector development with the UN’s Sustainable Development Goals (SDGs) and global climate targets. Through partnerships, capacity building, and financial innovation, ICD continues to champion green growth and the empowerment of marginalized business communities.

In addition to the sessions, ICD unveiled new collaborations aimed at scaling up climate-friendly investments in underrepresented regions. The corporation also emphasized the need for integrated approaches to bridge the financing gap in sustainable development, leveraging technology, and cross-sectoral partnerships to maximize impact.

Looking Ahead

ICD’s initiatives at COP29 set the stage for expanded global collaborations in sustainable finance and development. By empowering women, youth, and private enterprises, and fostering innovation in green financing, ICD is paving the way for a more inclusive and sustainable future.