The new partnership, the EBRD’s first multi-donor partnership tackling climate change and environmental degradation, was developed in collaboration with Austria, Finland, the Netherlands, Switzerland, the Taiwan ICDF (International Cooperation and Development Fund) and the UK.

On the HIPCA’s objectives, the EBRD said that it targets unleashing investments and solutions to reduce or prevent greenhouse gas emissions, reduce vulnerability to climate change, and protect the environment.

In the EBRD regions, which include Egypt, the partnership will work across eight thematic areas, including energy systems, sustainable food systems, green financial systems, cities and environmental infrastructure, and natural capital.

They also include cross-cutting themes, including climate adaptation and resilience, just transition, and gender and economic inclusion.

All themes are in line with the EBRD’s Green Economy Transition approach for 2021-25.

“The EBRD has set itself the ambitious target of achieving a green finance ratio of more than 50 percent of the Bank’s annual investment by 2025 and of fully aligning its activities with the goals of the Paris Agreement by the start of 2023. Our new multi-donor partnership will play a critical role in supporting the EBRD in achieving these targets and enabling climate and environmental action across our region. We look forward to working with our key partners in implementing this ground-breaking initiative,” said EBRD president Odile Renaud-Basso.

James Cleverly, minister for Middle East and North Africa in the Foreign, Commonwealth and Development Office of the United Kingdom, said that COP26 is not just about realising the climate commitments of individual governments, it’s about working together to enable all countries to meet global net-zero goals and reduce the impacts of climate change.

“To do this we must unlock public and private investment and push for innovative and green solutions. That’s why the UK is making a £50 million contribution to HICPA, whose work to mobilise funds and support green infrastructure projects in the Middle East and North Africa is vital for both economic growth and a greener future for the region,” Cleverly explained.

The EBRD has said that it welcomes new public and private donors to join this partnership.