World Bank pledges $10bln for climate action in MENA by 2025
The World Bank’s regional director for Sustainable Development for the Middle East and North Africa (MENA), Meskerem Brhane, confirmed on Wednesday the bank’s intention to boost climate funding for the MENA region to a total of $10 billion by 2025.
Brhane stated to the Emirates News Agency (WAM) at COP28 that “in the last three years, from 2021 to 2023 alone, the World Bank has provided $6.3 billion in climate financing for MENA.”
She further said that the funding supports both the reduction of net emissions and the development of resilience projects, helping countries prepare for and react to upcoming natural disasters.
“Last year, we provided $800 million in climate-related financing to Morocco, Jordan, and Lebanon,” Brhane added.
Brhane affirmed that the World Bank has incorporated climate considerations into all its MENA operations and is on course to align all new projects with the Paris Agreement’s objectives.
According to Brhane, the World Bank’s Climate Change Roadmap for the MENA region, spanning from 2021 to 2025, concentrates on four crucial sectors: food systems, water security, energy transition, and sustainable finance.
She also stated that the World Bank has released the Country Climate and Development Reports for MENA nations, which identify major climate risks and their potential effects on a country’s development and help prioritise actions to lower greenhouse gas emissions and enhance adaptation and resilience.
Moreover, she indicated that by adopting strategies for green growth, the region’s GDP could potentially escalate to more than $13 trillion by 2050.
Brhane emphasised the importance of private sector investment for the success of climate projects in Gulf Cooperation Council (GCC) countries.
In conclusion, the World Bank’s official expressed that the ultimate aim is to support countries in reaching broader developmental objectives to face climate change risk.
