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Members of the Arab Coordination Group (ACG) have pledged to provide $24 billion in funding by 2030, to address climate change crisis.
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.
The group made the funding announcement at the UN climate summit (COP 27) in Sharm el-Sheikh, Egypt.
According to an ACG statement, the climate financing pledge was made to help undertake a global and reasonable shift in energy transition as well as combat specific issues such as increase global food security and the supply of water.
The initiative aims to primarily help underdeveloped and small island countries in their fight against climate change and global warming.
The group, which was started in 1975, contributes to development aid through a range of financial tools such as blended finance, loans and Islamic finance instruments and its members comprises of the Kuwait Fund for Arab Economic Development, OPEC Fund for International Development, Abu Dhabi Fund for Development and the Saudi Fund for Development, among others.
(Writing by Jethu Abraham; editing by Seban Scaria)
