The GCA pledges $24 billion for the 2023/30 period

The Arab Coordination Group (AGG) announced on Wednesday in Sharm el-Sheikh its commitment to provide co-financing amounting to $24 billion by 2030 to address the global climate crisis.

The President of the Islamic Development Bank (IDB) Group, Muhammad Al-Jasser, recalled in this sense that the GCA had announced a financing program for climate action worth 24 billion dollars for the 8 coming years, noting that the IDB is committed to providing an amount of 13 billion dollars of this envelope dedicated to financing adaptation and mitigation for the period 2023-2030.

Speaking during a session within the framework of the work of COP27, the head of the IDB indicated that “as partners of the GCA, we must move the discussions forward and commit to supporting the participating Member States to meet the multidimensional challenges posed by climate change”.

“Climate transition financing is vital for overall development and supports those most vulnerable and affected by climate change, particularly in least developed countries and small island developing countries,” he said. .

And to add: “Our collective commitment today will help Member States, including the least developed, to strengthen their resilience in food systems, clean transport, urban systems and energy security to meet the needs of adaptation and mitigation of developing countries and contribute to climate finance”.

This commitment, he stressed, involves de-risking and accelerating private sector investment in areas that “desperately” need it.

In a complex and dynamic global situation, climate change continues to pose a significant threat to social and economic development and the general well-being of individuals and societies, continued Muhammad Al-Jasser, noting that there is a to promote a fair, inclusive and equitable ecological transition, as well as a resilient future for all.

For his part, the Managing Director of the OPEC Fund for International Development (OFID), Abdulhamid Alkhalifa, member of the GCA, said that “the massive financing represents a decisive and collective action to face one of the most the world”, referring to the crisis of climate change.

“As a committed member of the GCA, OFID will contribute to this commitment to implement our recently announced climate action plan, which will double the share of climate finance to 40% of all new approvals by 2030 and integrate climate action in our project cycle,” he said.

Note that the Arab Coordination Group is a strategic alliance that aims to find and provide coordinated and effective solutions for financing development.

It includes the Abu Dhabi Fund for Development, the Arab Bank for Economic Development in Africa, the Arab Fund for Economic and Social Development, the Arab Gulf Program for Development Agencies, the Arab Monetary Fund, the Bank Islamic Development Fund, Kuwait Fund for Arab Economic Development, OPEC Fund for International Development, Qatar Fund for Development and Saudi Fund for Development.


Please enter your comment!
Please enter your name here