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Friday, July 19, 2024


    Arab states pledge US $50 billion for African climate change projects, ahead of COP28

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    Somali Magazine – In a bid to boost climate change financing in the African continent, a head of COP28, the Arab Coordination Group (ACG) announced today that it aims to allocate up to US$50 billion to help build resilient infrastructure and inclusive societies.

    This announcement was made by the Islamic Development Bank President, Dr. Muhammad Al Jasser at the Arab-Africa & Saudi-Africa Summits’ Economic Conference held in Riyadh, Kingdom of Saudi Arabia.

    The majority of the countries in Africa are particularly vulnerable to climate change, making strengthening climate resilience and adaptation an urgent priority.

    In a joint communiqué the group of ten development institutions states: “Recognizing that the link between sustainable development and climate financing is cross-cutting and complex, the ACG reaffirms its commitment to scaling up financial assistance for climate change in line with the Paris Climate Agreement and to helping bridge investment gaps in energy access, including low-carbon energy sources, climate mitigation, adaptation and resilience, as well as food security.”

    The ACG financing will support initiatives in areas such as energy security and energy transition; regional integration and connectivity; trade finance and facilitation; gender and youth initiatives; enhanced support for fragile states; enhanced development effectiveness; private sector financing; food security and poverty and unemployment. “We acknowledge the pressing need to address these challenges through timely and coordinated actions,” the ACG states in its declaration.

    Dr. Muhammad Al Jasser, President of the Islamic Development Bank, said: “Our conviction in the promise of Africa, its dynamic societies, and its spirited youth is unwavering. Nevertheless, we are acutely aware of the development challenges the continent faces – the repercussions of the recent global pandemic, the challenges of food security, and the escalating climate crisis. We are committed to working hand-in-hand with African nations, regional entities, civil society groups, the private sector, and fellow development institutions.”

    The group has been a long-standing supporter of African partner countries and has cumulatively invested over US$220 billion in the region to date. “We reaffirm our commitment to supporting the sustainable development of countries in Africa,” the statement reads.

    The Arab Coordination Group (ACG) is a strategic alliance that provides a coordinated response to development finance. Current members are 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 Programme for Development, the Arab Monetary Fund, the Islamic Development Bank, the Kuwait Fund for Arab Economic Development, the OPEC Fund for International Development, the Qatar Fund for Development and the Saudi Fund for Development

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