Statement by Abdulrahman A. Al-Hamidy - 104th Meeting of the Development Committee - Sustainable finance: An imperative for the new normal

Jul 19, 2026

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Statement by Abdulrahman A. Al-Hamidy for the 104th Development Committee meeting addresses sustainable finance as a necessary shift for the post-COVID environment. The statement links the Sustainable Development Goals to interconnected environmental, social, and governance challenges, emphasizing structural transformation, ESG focus, and progress toward carbon neutrality by 2050. It argues that financial-system transition depends on integrated risk management, resilience building, and coordinated actions across public and private sectors, aligning capital flows with global targets.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages4

Reading Time10 min

Sustainable finance: An imperative for the new normal

Sustainable development, SDGs, and ESG

Sustainable finance and systemic financial risks

Integrated approach and coordination mechanisms

Roles of public and private sectors

Public Disclosure Authorized Public Disclosure Authorized DEVELOPMENT COMMITTEE (Joint Ministerial Committee of the Boards of Governors ofthe Bank and the Fund on the Transfer of Real Resources to Developing Countries) ONE HUNDRED AND FOURTH MEETING WASHINGTON, DC – October 15, 2021 DC/S/2021-0036 October 15, 2021 Statement by Abdulrahman A. Al-Hamidy Director General Chairman of the Arab Monetary Fund Statement by Abdulrahman A. Al-Hamidy Director General Chairman of the Arab Monetary Fund 104th Meeting of the Development Committee October 15, 2021 Washington, DC “Sustainable finance: An imperative for the new normal” On behalf of the Arab Monetary Fund (AMF), I would like to commend the Development Committee for convening this important meeting being an essential platform for developing countries to discuss ways and means to respond to and manage the evolving challenges we face. The Development Committee has always championed multilateralism, and global governance which appears today more significant than ever. In the wake of the multidimensional and unprecedented crisis, we strongly believe in the merit of adopting coordinated and mutually agreed actions. Sustainable development is profoundly multidimensional Even before the outbreak of the COVID-19 pandemic, the global community was off-track to meet the Sustainable Development Goals (SDGs), as highlighted in the 2020 Financing for Sustainable Development Report. The pandemic we are facing today has much to teach us about an even more existential threat and has amplified the challenges of reaching the SDGs, while exposing the long-standing gaps and deficiencies in the international financial system, such as debt, global liquidity, and financial flows. These pressing challenges are being discussed in multiple fora, such as the G20, where Italy, currently holds the G20 Presidency, has organized the efforts under the theme of People, Planet and Prosperity. It has had a very specific focus on the role of all types of investors, including for instance institutional investors as part of the Sustainable Finance Working Group. These international commitments agreed by governments around the world, require nothing less than a paradigm shift in how economies and financial systems operate, and how they could create value for societies. In fact, the 17 SDGs are interconnected and integrated, and have a long-term focus, aiming to ensure that any developments are sustainable for current and future generations. This makes the focus on Environmental Social and Governance (ESG) issues particularly important since reductions in poverty, for example, cannot be sustainably maintained if they come at the expense of environmentally destroying local areas or damaging the global climate. Addressing these pressing ESG challenges involves nothing less thana structural transformation that will put economies on a sustainable and inclusive path to meet the global ambition of achieving carbon neutrality by 2050 (Paris Agreement) and realizing 2030 Sustainable Development Goals (United nation) . The financial sector is a pivotal component of this transition and has a profoundly important role to play in helping to achieve prosperity by mitigating sustainability-related risks, building resilience, and channeling the capital to sustainable uses that builds more resilient and inclusive societies and economies. Sustainable finance shall be the standard, the new financial normal. Sustainable finance requires an integrated approach and effective coordination mechanism The financial sector is exposed to a set of risks, from environmental and climate risks to those posed by social pressures, including contagious diseases and their socio-economic consequences such as the COVID- 19 pandemic-related global crisis. In the 2020 World Economic Forum Global Risks Report, identified the top five risks in terms of likelihood were all environmental risks. In addition, t

FAQs

Why does the statement call sustainable finance an imperative for the new normal?

It frames sustainable finance as the standard needed to respond to multidimensional crises and to manage sustainability-related risks while supporting prosperity through resilient, inclusive societies.

How does the statement connect SDGs with ESG issues?

It emphasizes that the SDGs are interconnected and that poverty reduction cannot be maintained if environmental damage or climate harm undermines long-term sustainability.

What roles are highlighted for public and private sectors in the transition?

The statement assigns public sector responsibility to create regulatory and policy frameworks, while the private sector is expected to align capital flows with global targets and financing needs for a sustainable, resilient economy.

Jul 19, 2026

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