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Arab alliance allocates $10bn for green energy projects

  • Fund for developing nations
  • $15.7bn in 80 countries last year
  • Focus on food, transport, water

The Arab Coordination Group, an alliance of regional and international development institutions, has allocated $10 billion until 2030 to support energy transition in developing countries.

The funding will drive a “comprehensive and affordable” transition to renewable energy in developing countries, the group said in a statement released during the Cop28 climate summit in Dubai.

The fund commitment is part of a plan to accelerate the global shift towards clean energy sources.

The group will mobilise financial resources by increasing the use of green bonds, blended finance, and risk-mitigation tools and adopt new technologies to maximise the impact on energy efficiency and storage.

It will target key sectors such as food, transport and water, while encouraging cooperation and knowledge sharing.

In 2022, the Arab Coordination Group allocated $15.7 billion to nearly 500 financing operations across more than 80 countries to help address challenges such as food insecurity and climate change. 

Some 27 percent of the funding was directed towards both the energy and financial sector last year and 21 percent to agriculture.

Group members include Abu Dhabi Fund for Development, Arab Bank for Economic Development in Africa, Arab Gulf Programme for Development and Arab Monetary Fund, Kuwait Fund for Arab Economic Development, Qatar Fund for Development and Islamic Development Bank.

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