Sharm El-Sheikh, November 9 (BNA): The vast majority of the members of the Arab Coordination Group are committed to providing a total financing of at least 24 billion US dollars by 2030 to address the global climate crisis. Today at the UN Climate Conference COP 27 in Egypt.
This historic commitment, brought together by regional and international development financial institutions, will support accelerating the energy transition, increasing the resilience of food, transport, water and urban systems, and enhancing energy security in countries including least developed countries and small countries. Island developing countries
The financial commitment is part of a joint call for climate action for equitable development issued today.
ACG is committed to promoting a fair, inclusive, equitable and equitable energy transition in developing countries.
The team will work to strengthen global partnerships, including South-South and triangular cooperation to provide solutions to the adaptation and mitigation needs of developing countries and contribute to climate finance flows.
In addition to their own resources, the members of the group aim to take advantage of concessional financing to eliminate risks and stimulate private sector investment in regions and regions where it is most needed, using a range of financial instruments such as loans, blended financing, guarantees and various Islamic financing instruments.
Dr. Mohamed Al-Jasser, President and Chairman of the Islamic Development Bank (IsDB) and Dr. Abdulhamid Al-Khalifa, Director General of the OPEC Fund announced the ACG’s commitment to climate action on behalf of the member institutions today at COP27.
Dr. Al-Jasser said: “The Islamic Development Bank is proud to support the declaration of the Arab Coordinating Group for Climate Action. This commitment comes at a time when the Islamic Development Bank is raising the level of climate finance in its operations, which in 2021 reached 31%. The Bank has set an ambitious target to be by 2025 of at least 35% of its financing as climate finance, and the Bank pledges to approve at least $13 billion in adaptation and mitigation financing over the period 2023-2030.”
The Director General of the OPEC Fund, Dr. Al-Khalifa: “The massive financing of the OPEC group represents collective and decisive action to address one of the world’s most pressing challenges. Climate action and development must be addressed simultaneously.”
“The OPEC Fund as a committed member of the ACG will contribute to this pledge by implementing our recently announced Climate Action Plan, which will double the share of climate finance to 40 percent of new finance by 2030 and mainstream climate action in our project cycle.”
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