RIYADH — Partners of the Financial Sector Development Program (Ministry of Finance, Saudi Central Bank [SAMA] and Capital Market Authority) will organize the first focused event of the Financial Sector Conference Talks (FSC Talks) series on Monday, Sept. 27, 2021.

The event will be attended by a number of government officials, world leading experts, and distinguished audience in the financial sector.

It aims to discuss the increasingly important role of Environmental, Social and Corporate Governance (ESG) and its implications on the global financial system. The ESG is an overarching term for standards used in what has become known as socially responsible investments.

Recently, ESG theme-based investing has gone mainstream, this remarkable rise builds on the growing importance of sustainable investment especially during the global pandemic (COVID-19).

The negative health, economic and social impacts of COVID-19 outbreak have prompted world leaders to call for "building back better" by placing sustainable investment, ESG and climate change at the forefront of the international agenda.

The first focused event of the FSC Talks series highlights the collective effort in bridging funding gaps, implementing SDG-compatible finance, transforming financial institutions toward creating real long-term value compatible with ESG practices, expanding the scope of sustainable finance, in addition to underscoring the effort made to access sustainable capital markets.

Furthermore, this event is part of the prelude series for the second edition of the FSC, set to be held in February of 2022. The FSC is the highest profile event in the Middle East that brings together an elite group of decision makers, leading financial sector institutions, financiers and beneficiaries.

It aims to highlight the distinguished competitive position of the Saudi financial sector in the Middle East and globally; and contribute to the Financial Sector Development Program (FSDP) and its initiatives in realizing Saudi Vision 2030.

The FSDP aims to keep pace with global developments in this sector and seeks to achieve qualitative leaps in financial services in parallel with the ongoing development in business and services in the Kingdom.

The Financial Sector Development Program (FSDP) has sought, since its launch in 2018, to achieve interdependence and integration between the financial sector ecosystem through its various means and tools.

In addition, it has aspired to achieve sustainable growth within a resilient financial stability framework, while employing innovative tools for the development and management of services.

The program is one of the executive programs launched by the Council of Economic and Development Affairs (CEDA) that aims at realizing the Saudi Vision 2030 objectives through creating a diversified and effective financial sector that supports the development of the national economy and stimulates savings, financing and investment. — SPA