DUBAI - Dr. Sidi Ould Tah, President of the Arab Bank for Economic Development in Africa (BADEA), confirmed that the bank allocated approximately 30% of its financing during the past ten years to climate projects in Africa.
In statements to the Emirates News Agency (WAM), he added that the bank - during its participation in COP28 - prepared a working paper on climate finance in Africa until 2030.
The paper has been approved, and work is underway with partners to enter into projects that serve climate finance and energy transition in Africa, focusing on clean energy.
He said that the allocation of US$10 billion by the Arab Coordination Group (ACG) - during COP28 to support energy transition until 2030 - confirms ACG's constant commitment to financing the just energy transition in the world.
He stressed that COP28 marks a critical stage in the global climate action journey, and steps will have a significant impact on the world and the future of international climate action.
In a continued effort to address the global climate crisis, the Arab Coordination Group (ACG), a strategic alliance of regional and international development institutions, announced a comprehensive plan to support an inclusive, affordable and equitable energy transition in developing countries.
The seven-point strategic initiative outlines the deployment of $10 billion in financing by 2030 to accelerate the global shift to clean and renewable energy sources and is part of the previous $24 billion pledge by the ACG.
The key points of the strategic plan include:
• Mobilising financial resources through increased use of green bonds, blended finance, and risk mitigation tools.
• Promoting innovation and adopting new technologies to maximise the impact on energy efficiency and storage.
• Supporting everyone's access to clean energy.
• Strengthening resilience to climate change in key sectors, including food, transport, water, and urban systems.
• Encouraging cooperation and knowledge sharing.
• Investing in upskilling workforces in the clean energy sector worldwide.
• Monitoring and evaluating progress and impact.