The activities of the Fourth Regional Forum on Climate Finance ended yesterday, Thursday, in the Lebanese capital, Beirut, and it comes within five regional forums organized by the Egyptian presidency of the COP27 conference, the United Nations regional committees and climate pioneers, in the framework of preparing for the COP27 conference. New financing for climate action in the Arab countries.
The United Nations Economic and Social Commission for Western Asia (ESCWA) hosted the forum, which brought together a diverse group of stakeholders from both the public and private sectors from the Arab region and beyond. The forum witnessed many discussions related to accelerating climate finance, in light of the unprecedented crises the world is currently facing. Which poses additional challenges to achieving the sustainable development goals.
It should be noted that the countries and communities least contributing to the climate crisis are disproportionately affected by the effects of climate change and at the same time have the least resources to adapt to those negative impacts. 71 climate finance projects across Africa, Latin America and the Caribbean, Asia and the Pacific, and Western Asia, of which 28 projects were showcased in Beirut for West Asia, with a total investment of about $4.7 billion, of this amount, about $4 billion in investment for adaptation and resilience in Addressing the effects of climate change, about $600 million in investment to mitigate the effects of climate change, and about $60 million in mitigation, adaptation and resilience.
Several projects and initiatives from a wide range of sectors – from agriculture to transport – with the aim of accelerating climate finance as well as access to clean energy, energy efficiency technologies, water and food security, and mobilizing this financing is a key opportunity for collaboration through blended financing by the public and private sectors with the support of couple.
With only 50 days left until the Climate Summit, government, the private sector and philanthropy play key roles in driving the climate finance needed for the mitigation and adaptation plans needed to curb the impact of climate change and save countless lives and livelihoods around the world.
According to recent reports highlighting the disproportionate impact of climate change on the MENA region, there can be no undoing of previous commitments. Implementing Climate Finance In West Asia, investors, private sector financiers, and development partners discussed with governments the co-creation of investment opportunities to support regional priority actions.
In this context, Mahmoud Mohieldin, Climate Pioneer for the Egyptian Presidency of the Conference of Parties to the UN Climate Change COP27 said: Climate finance is currently insufficient because we need twice the current amount of funding and it is ineffective; Because negotiation takes a long time to get to actual implementation, and it is unfair because the most vulnerable countries are asked to pay for a crisis they did not contribute to, and receive a small share of the funding to achieve their climate goals.
Cooperation between Arab countries and non-state actors in West Asia has demonstrated the potential to find solutions to accelerate climate action and overcome obstacles through effective and viable regional projects mobilized through financing to achieve near-term climate goals and implement the goals of the Paris Agreement.
The fifth and final regional forum will be held in Geneva, Switzerland, on October 17.