Arab Coordination Group announces $50bn for Africa

SPA

• Fund for sustainable development
• $83bn total revealed at Cop28
• Al Jaber: ‘Failure not an option’

The Arab Coordination Group, made up of regional and international development institutions, has allocated $50 billion to advance sustainable development in Africa through to 2030.

The funding was announced at the Saudi-Arab-African Economic Conference in Riyadh and further discussed at a panel arranged by the Saudi Fund for Development on Sunday on the sidelines of Cop28 in Dubai.

Over $83 billion in total funding was announced in the first five days of the climate summit.

This includes 11 pledges and declarations surrounding food systems transformation and health, plus declarations on renewable energy and efficiency, as well as efficiencies to decarbonise heaving-emitting industries.

The loss and damage fund announced on the opening day of Cop28 has had $792 million pledged to date.

Some $3.5 billion in new money has been announced to replenish the Green Climate Fund, while $134 million was announced for the Adaptation Fund.

• Africa should be a prime focus for Cop28 policymakers
• Acwa Power plans a bold investment future in Africa
• UAE pledges $150m for Mena water security

The Least Developed Countries fund has been boosted by $129.3 million and the Special Climate Change fund by $31 million.

The UAE has launched Alterra, a $30 billion catalytic fund, which is looking to mobilise an additional $250 billion globally.

This year’s host country also committed $200 million to help vulnerable countries through Special Drawing Rights – an international reserve asset, created by the IMF in 1969 to supplement its member countries’ official reserves – and $150 million to fight water scarcity.

The World Bank announced an increase of $9 billion annually for 2024 and 2025 to finance climate-related projects. Multilateral Development Banks announced a cumulative increase of over $22.6 billion toward climate action.

Cop28 president Dr Sultan Al Jaber conceded on Sunday that although progress was being made towards a deal to phase out fossil fuels, he believed talks were not moving “fast enough”.

However, as discussions towards an agreement reach a critical stage he stressed: “Failure is not an option.”