HomeEnergy & SustainabilityArab Coordination Group pledges $24 bn to tackle climate crisis
By Economy Middle East
SHARE
November 10, 2022 9:40 am

Arab Coordination Group pledges $24 bn to tackle climate crisis

By 2030
Climate crisis
Climate crisis

Members of the Arab Coordination Group (AGC) pledged to provide at least $24 billion in financing by 2030 to address the global climate crisis, the group said in a statement.

The AGC is a strategic alliance that provides a coordinated response to development finance and comprises various regional development funds, as well as the OPEC Fund for International Development.

Read more: Egypt raises $10.3 bn for Nouwfi green project program

These funds 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, the Arab Monetary Fund, the Islamic Development Bank, the Kuwait Fund for Arab Economic Development, the Qatar Fund for Development, and the Saudi Fund for Development, as well as OPEC Fund for International Development.

The Islamic Development Bank Group’s head, Mohamed Al-Jasser, stated that the bank will contribute $13 billion of the $24 billion allocated by the Arab Coordination Group to combat the climate crisis.

For his part, Abdul Hamid Al-Khalifa, Director-General of the OPEC Fund for International Development, indicated that the fund’s share is $5 billion.