$186bn needed for Mena to achieve Paris Agreement goals

The Middle East and North Africa (Mena) need an estimated $186 billion to help countries achieve their goals under the Paris Agreement, Vivek Pathak, director and global head for climate business at International Finance Corporation (IFC), told the UAE state-owned WAM news agency.

Between 2020 and 2030, a green recovery in the region could generate $200 billion in investment opportunities, create 4.2 million jobs and prevent 111 million tons of greenhouse gas emissions, he added.

IFC, a member of the World Bank Group, is looking forward to working closely with the UAE government in areas of cooperation and support ahead of hosting the conference of the parties to the United Nations framework convention on climate change (Cop28) next year.

“When the curtain comes down on Cop27, all are looking forward to Cop28, which will be a big and very important event hosted by the UAE,” Pathak said.

‘’We will work closely with the UAE government to see how we can cooperate to support each other.”

At Cop27, IFC will showcase breakthrough private sector solutions and focus on how to accelerate the development of bankable opportunities for decarbonisation and climate change adaptation.

IFC will concentrate on three key themes at Sharm El-Sheikh: adaptation and resilience, mobilising climate finance, and energy access and decarbonisation, the report said.