December 2, 2022

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

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

Muhammad Al-Jasser, President of the Islamic Development Bank (IDB) Group, recalled in this sense that the GCA had announced a $24 billion climate action financing plan for the next 8 years. $13 billion of this envelope is dedicated to financing adaptation and mitigation over the period 2023-2030.

Speaking during a session within the framework of the work of COP27, the President of the IDB said, “As partners of the GCA, we must move the discussions forward and commit to support participating Member States to address the multidimensional challenges posed by climate change.”.

“Climate change financing is essential 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.

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

This commitment, he emphasized, includes de-risking and accelerating private sector investment in areas of “highest” need.

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

For his part, Abdulhamid Al Khalifa, Executive Director of the OPEC Fund for International Development (OFID), a member of the GCA, said, “The massive financing represents a decisive and collective action facing the world.” Climate change crisis.

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“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 into our program cycle,” he said.

The Arab Coordination Group is a strategic alliance that aims to find and deliver integrated and effective solutions to finance development.

These include 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 for Islamic Development Fund, and the Kuwait Fund for Arab Development. Economic Development, OPEC Fund for International Development, Qatar Fund for Development and Saudi Fund for Development.