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Islamic Finance and Renewable Energy

Islamic Finance and Renewable Energy

Year Published

2024

Contributing Organizations

Global Ethical Finance Initiative (GEFI)
Greenpeace MENA

Type of Resource

Research/Insights Report

Languages

English

Relevant Topics

Core Topic
Islamic Finance
Topic 2
Energy Generation

Target Audience

All

Relevant Geography

Global
Islamic Finance and Renewable Energy

Resource Description

This report examines how Islamic finance can drive renewable energy investment through Shariah-compliant instruments, highlighting market growth, case studies, and stakeholder actions.

Why This Matters

Mobilizing Islamic finance for renewables can close the climate finance gap, advance decarbonization, and support SDG targets, especially in MENA and emerging markets.

Key Insights

  • Islamic finance assets may reach $67tn by 2027; 5% allocation to renewables could unlock $400bn
  • Green sukuk issuances hit $99bn in H1 2024, equaling the 2023 total
  • Case studies: Saudi Electricity Company’s $13bn green sukuk and Indonesia’s sovereign sukuk program funding major renewable projects
  • Islamic principles of stewardship and balance align with sustainability, making renewables a natural fit
  • Calls for capacity building, regulatory incentives, standard frameworks, and dedicated funds

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