Announcement / 18 Sep, 2019
Transforming Vision into Action - Kicking off climate finance strategy setting in the Arab region

The Regional Collaboration Centre (RCC) Dubai is emerging as a key player in the facilitation of climate finance.
The RCC for the Middle East, North Africa, and South Asia in Dubai was established with the signing of a memorandum of understanding between UN Climate Change and the World Green Economy Organization (WGEO), with the support of the UAE Ministry of Climate Change and Environment.

Countries in the region are highly vulnerable to the impacts of climate change; impacts which will likely further compound existing development challenges. Even though climate challenge looms large over the region it also offers an unprecedented opportunity to hasten transformation to low-greenhouse gas emissions and climate-resilient economies, ensuring poverty reduction, food and water security and forging new pathways towards inclusive and effective sustainable development.

Many countries and international institutions in the region are already undertaking ambitious climate action. For example, United Arab Emirates is targeting 50% clean energy by 2050 and 60% of funds from the European Bank for Reconstruction and Development (EBRD) in the region are going into green investment. Yet, a sense of urgency persists.

Climate finance in Arab countries
The Needs-Based Finance strategy is envisaged to be endorsed at the highest political level

As part of its work, the RCC Dubai aims to support governments and other stakeholders in the MENA and South Asia regions to facilitate and enhance their climate action. This will include helping Arab countries determine and assess their needs; set strategic direction toward climate action; and catalyse climate finance in accordance with countries’ nationally determined contributions (NDCs) in support of the goals of the Paris Climate Change Agreement, national adaptation plans, and other relevant policies or strategies.

This support will come under the Needs-based Climate Finance (NBF) project. This project emerged from a decision pertaining to long-term climate finance at the twenty-third session of Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC) in 2017, mandating the UNFCCC secretariat to assist developing countries assess their needs in a country-driven manner and to translate those identified needs into actions.

Overall, the NBF project for the Arab region aims to assist the region in assessing its climate-finance-related needs and barriers, leading to the development of a comprehensive climate finance strategy for the region in consultation with national entities and regional bodies. With the guidance of the Arab group of UNFCCC negotiators, the goal is to strengthen ownership of solutions and the endorsement of the climate finance strategy at the highest political level through the League of Arab States.

This work programme on climate finance was soft-launched in collaboration with RCC Dubai host partner World Green Economy Organization at its High-Level Ministerial Conferences in Bahrain and Egypt this summer.

For more information about the NBF project please contact Yolando Velasco (YVelasco(at)unfccc.int) or Grant Kirkman (GKirkman(at)unfccc.int). For more information about RCC Dubai contact Taimur Ali Khan (MGandapur(at)unfccc.int)

To find out more about WGEO, please visit: https://worldgreeneconomy.org/