Islamic Development Bank contributes $13 billion in climate finance, adaptation and mitigation: Bank President

Maha Hassan , Wednesday 9 Nov 2022

Mohamed Al-Jasser, President of the Islamic Development Bank Group, said on the sidelines of the United Nations Climate Conference in Sharm El-Sheikh that climate change continues to pose a major threat to social and economic development and to the general well-being of people and societies, noting that the bank's collective goal is to promote a just, inclusive and equitable transition.

Muhammad Sulaiman al-Jasser, chairman of the Islamic Development Bank (IsDB) Group, speaks during a
Muhammad Sulaiman al-Jasser, chairman of the Islamic Development Bank (IsDB) Group, speaks during a photo opportunity at the COP27 climate conference at the Sharm el-Sheikh International Convention Centre, in Egypt s Red Sea resort city of the same name, on November 9, 2022. AFP


 He pointed out that the Arab Coordination Group announced today a $24 billion financing package for climate action over the next eight years.

The Islamic Development Bank Group, he said, will contribute $13 billion of the total amount. The purpose of this money, which will be paid between 2023 and 2030, is to assist in financing adaptation and mitigation.

The President of the Islamic Development Bank said that as partners in the Arab Coordination Group," [they] must move forward with the talks and commit to standing by the participating member states in addressing the multidimensional challenges posed by climate change."

 He noted that financing transformative climate action was "vital to achieving comprehensive development and to supporting the most vulnerable people, particularly in the least developed countries and in developing small island states."

“Our collective commitment today will help member countries, including the least developed countries, enhance their resilience in food systems, clean transportation, urban systems, and energy security," he said.

He pointed out that countries will benefit from financing tools, noting that this involves removing risks and accelerating private sector investments in areas that are in dire need of these investments.

"We stand by our member states and the global community as we strive to achieve the Sustainable Development Goals, particularly using clean energy sources and creating a greener world for all," he said.

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