To address the looming climate change crisis, Arab Coordination Group (ACG) members have promised $24 billion in funding by 2030 at the ongoing UN climate summit in Sharm el-Sheikh.
The financing will aid the energy transition and increase food security and water availability.
To assist developing and small island countries in their battle against climate change and global warming, the ACG, started in 1975, offers aid through various financial tools such as blended finance, loans, and Islamic finance instruments.
The ACG is a strategic alliance that provides a coordinated response to development finance and comprises various regional development funds and the OPEC Fund for International Development.
UAE-US LED INITIATIVES
Meanwhile, a joint initiative coordinated by the UAE and the US stated that partners’ investments in climate-smart agricultural and food chain innovation would be doubled to $8 billion. At COP26 in Glasgow, an initial investment of $4 billion was announced.
The Agriculture Innovation Mission for Climate (AIM for Climate) is a US and UAE-led effort sponsored by 42 nations and 235 partners to increase investment in climate-smart agriculture and food chain innovation to expedite climate action.
The increased investment includes contributions worth over $7 billion from Australia, Bangladesh, Canada, Denmark, and the European Commission, among many others, as well as over $1 billion investment from non-government partners.
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