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World Bank to increase climate finance for MENA region to $10 billion by 2025

Meskerem Brhane, Regional Director of Sustainable Development, Middle East and North Africa, World Bankhas affirmed the bank’s plans to increase climate finance for the Middle East and North Africa (MENA) region to $10 billion by 2025.

Speaking at COP28, BRHANNE saying,

“In the last three years, from 2021 to 2023 alone, the World Bank has provided $6.3 billion in climate finance for MENA.”

He added that the funding supports both net emissions reductions and resilience projects, helping countries prepare for and respond to future natural disasters.

“Last year, we provided $800 million in climate-related financing to Morocco, Jordan and Lebanon.”

Brhane stated that the world Bank had integrated climate into all its work in the MENA region and is on track to align 100 percent of new operations with the goals of the Paris Agreement.

She noticed that the world BankThe MENA climate change roadmap, covering the period 2021-2025, focuses on four key areas: food systems, water security, energy transition and sustainable finance.

Regarding COP28 being held in the United Arab Emirates, he said:

“By hosting this event, the UAE demonstrates its leadership on climate change, its ability to work with other countries to address global issues, and its own ambition in this space.”

The official added that GCC countries can lead the global dialogue on energy transition and renewable energy deployment by further aligning their growth pathways with global climate action and decarbonization trends.

She noticed,

“The GCC is already at the forefront of developing green and blue hydrogen projects.”

He world Bank An official said that by adopting green growth strategies, the region’s GDP could potentially grow to more than $13 trillion by 2050.

He also highlighted that private sector investment is crucial to the success of climate initiatives in GCC countries. Significant investments will be needed to transform resource consumption, energy production, manufacturing processes and other economic systems to achieve climate goals.

She mentioned that the world Bank published the National climate and development reports for MENA countries to identify the most serious climate risks to a country and their potential impact on the country’s development. It also helps prioritize the highest-impact actions to reduce greenhouse gas emissions and boost adaptation and resilience.

The ultimate goal is to help countries meet broader development goals in the face of the risk of climate change, he concluded.

News source: Emirates News Agency

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