During the opening ceremony, H.E Mr. Yousef Hassan Khalawi, Secretary General, AlBaraka Forum for Islamic Economy highlighted that the world has now spent more than a full century talking about sustainability. The Islamic world has 22 countries classified as least developed countries. We should focus on our nations and focus on our beliefs, as today we are trying to introduce Sukuk as one of our major initiatives created by Muslim economists, scientists, and experts.
The author urges that deep and rapid decarbonization must become a global priority because climate tipping points will likely be reached much sooner than previously expected as greenhouse gas emissions continue to rise. To safeguard humanity and its societal systems, it is not only important to consider the time it takes to achieve decarbonization, but to ensure that we avoid reaching the climate tipping points.
In South Asia, serious hunger reflects rising undernourishment and persistently high child under nutrition, driven by poor diet quality, economic challenges, and the increasing impact of natural disasters. The goal of Zero Hunger by 2030 now appears unreachable, and if progress remains at the pace observed since the 2016 global GHI score, the world will not reach even low hunger until 2160 more than 130 years from now.
The authors caution that democratic politics may or may not help fix dynamic social problems. The authors argue that even in their own optimistic model of politics—where parties maximize average utility of those currently alive— equilibrium policies may not put society on the right path, and the speed of the green transition may be too slow. Climate change and environmental degradation is a slow and cumulative process. To protect environment, the efforts also need to be cumulative and consistent. A self-centric secular worldview encourages the self-centric use of private property resources. However, even small things done collectively and consistently can have a larger effect.
The threat of air pollution is not new, but it is changing. Air pollution has contributed to death and disease and has hurt economic prospects and community resilience for decades. During that time, policies and technologies have drastically improved air quality in some areas, saving lives, and proving that pollution is not an inevitable by-product of economic development.
Air pollution is a complex mixture of particles and gases with sources and composition varying over space and time. While hundreds of chemical compounds can be measured in the air, governments typically measure only a small subset as indicators of the different types of air pollution and major sources contributing to that pollution.
To fully address climate-related financial risks and promote sustainability, banks must balance their protective and proactive roles. While protecting assets from climate risks remains critical, it should not overshadow the need for a broader responsibility. Banks are uniquely positioned to be powerful agents of change, and by integrating sustainability into their operations and business strategies, they can contribute significantly to the global effort to combat climate change and foster sustainable development.
The report identifies the six inter-related mega trends to impact OIC nations as: Uneven Macroeconomic Performance, Sharing and Platform Economies, Green Economy, Urbanization, Global Supply Chains and Future of Work. The first two look at shifting economies, which are playing out across OIC societies. The next two cover changing environments brought on by climate change and growing populations. The last two consider adapting ecosystems.
Approximately 1.3 billion tons of Municipal Solid Waste (MSW) are generated globally every year and are expected to increase to approximately 2.2 billion tons per year by 2025. In fact, the amount of waste produced per person per day also depends on the economic status of the community concerned. The rates of MSW growth are fastest in Arabian countries and the Middle East.
Authors argue that Turkiye lacks the efficiency, proper planning, and adequate law related to e-waste management. The legal regulations related to WEEE management are stale and undeveloped while recycling in Turkiye is underdeveloped.
The global environment for international investment will remain challenging in 2024. Weakening growth prospects, economic fracturing trends, trade, geopolitical tensions, industrial policies, and supply chain diversification are reshaping FDI patterns, causing some multinational enterprises (MNEs) to adopt a cautious approach to overseas expansion. However, MNE profit levels remain high, financing conditions are easing, and increased Greenfield project announcements will positively affect FDI.
Islamic Economics Project 