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World Bank official: We plan to increase climate finance to $10 billion in region by 2025

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December 13, 2023

13:54 PM

Official of the World Bank

Dubai – WAM
The World Bank Group’s Middle East and North Africa Regional Director for Sustainable Development, Miski Berhane, confirmed the bank’s plans to increase climate finance for the Middle East and North Africa region to $10 billion by 2025.
On the sidelines of the proceedings of the Conference of the Parties (COP28), Miski told Emirates news agency WAM that the World Bank has committed $6.3 billion in climate finance to the Middle East and North Africa region over the past three years. Years, 2021 to 2023.
World Bank financing supports programs to reduce net emissions and improve resilience to help prepare for and respond to future natural disasters, noting that the bank provided $800 million in climate-related financing to Morocco, Jordan and Lebanon last year.
He noted that the Bank has integrated climate into all its work in the region and is on track to align 100% of new operations with the goals of the Paris Agreement, extending the roadmap for climate change in the region. From 2021 to 2025, the focus is on four key areas: systems food, water security, energy transition and sustainable finance.
The Regional Director of the Sustainable Development Department of the World Bank for the Middle East and North Africa affirmed that the hosting of the United Arab Emirates Conference of Parties (COP28) confirms its leadership in the field of climate change and its ability to work with other countries. To solve global problems.
Noting that Gulf Cooperation Council countries have already made progress in developing green and blue hydrogen projects, he said that by further aligning their development trajectories with global climate action and decarbonization trends, they can lead the global conversation on energy transition and the use of renewable energy.
Noting that by adopting green growth strategies, the region’s GDP will rise to more than $13 trillion by 2050, private sector investment is critical to the success of climate initiatives in Gulf Cooperation Council countries, as there will be significant investments. Achieving climate goals will require changes in resource consumption, energy production, production processes and other economic systems.
The Middle East and North Africa region is one of the regions of the world most vulnerable to climate change as it is affected by rising temperatures, rising sea levels, droughts, floods, water scarcity and air pollution. Six out of every 10 people in the region live in areas affected by water scarcity.Water scarcity will cause a loss of 6.6% of GDP by 2050.
He pointed out that food insecurity is on the rise in the Middle East and North Africa region, with nearly 9 million children suffering from food insecurity this year, so building agricultural and food systems that are resilient to climate and other shocks is a priority. .
He expected climate change to increase displacement in the region, noting that about 20 million people in North Africa alone could become internally displaced due to climate change, water scarcity, poor crops and rising sea levels.
The World Bank’s Middle East and North Africa Regional Director for Sustainable Development said the world is aware of the risks of climate change and the potential for green growth, but there is an urgent need to take action on climate change. The World Bank has been working with governments to address the risks of climate change in the region for decades, which is critical to fighting poverty and protecting the development gains achieved over the years.
He explained that the World Bank supports the implementation of Nationally Determined Contributions in Morocco and the coordination of climate policies at the government level, as vulnerable ecosystems such as oases are now restored and nature-based solutions are used to adapt and mitigate. Climate change.
The Climate Disasters and Risks in Tunisia program helps protect people from future climate events, such as floods, as it builds urban infrastructure that reduces flood risks, and improves public financial security for one million eligible Tunisians. So that people can recover faster, more efficiently when disaster strikes
The World Bank recently released a report on climate and development in the Middle East and North Africa, noting that the report helps each country identify the most severe climate risks and their potential impact on development, and prioritize them. High-impact measures that reduce greenhouse gas emissions and promote adaptation and resilience, with the aim of helping countries meet broader development goals in the face of climate change risks.

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Bill Dittman
Bill Dittman
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