Arab Coordination Group commits of climate action financing by 2030

Arab Coordination Group commits to US$24 billion of climate action financing by 2030

The Arab Coordination Group (ACG) members are committing to providing at least a cumulative amount of US$24 billion in financing by 2030 to address the global climate crisis, the Group announced today at the UN Climate Conference COP 27 in Egypt.

This landmark commitment, put together by regional and international development financial institutions will support the acceleration of the energy transition, the increased resilience of food, transport, water and urban systems, and the promotion of energy security in countries including the least developed countries and small island developing states. The financial commitment comes as part of a joint Call for Climate Action for Equitable Development released this day.

The ACG commits to promote a just, inclusive, affordable and equitable energy transition in developing countries. The Group will strengthen global partnerships, including South-South and Triangular Cooperation to provide solutions to the adaptation, mitigation needs of developing countries and contributing to climate finance flows.

In addition to their own resources, the Group members aim to leverage concessional finance to de-risk and catalyze private sector investment in areas and regions where it is needed the most, utilizing a range of financial instruments such as loans, blended finance, guarantees and various islamic financing instruments.

The Arab Coordination Group (ACG) is a strategic alliance that provides a coordinated response to development finance. Since its establishment in 1975, ACG has been instrumental in developing economies and communities for a better future, providing more than 5,000 development loans in the public sector to over 130 countries around the globe.

The Group comprises the Abu Dhabi Fund for Development, the Arab Bank for Economic Development in Africa, the Arab Fund for Economic and Social Development, the Arab Gulf Programme for Development, the Arab Monetary Fund, the Islamic Development Bank, the Kuwait Fund for Arab Economic Development, the OPEC Fund for International Development, the Qatar Development Fund and the Saudi Fund for Development.