ANSAmed in its Culture invites all to the Day of the Mediterranean, to the voyage through senses that unite people, hopefully for each and every one.
Day of the Mediterranean, voyage through senses unites people
UfM’s music and social media for 28 November celebration
18 November 2022
NAPLES – The Day of the Mediterranean, launched in 2020, will be held again on 28 November 2022. The day is a way to recognize the importance of Mediterranean culture and cooperation and to embrace the rich diversity present in the region. The Union for the Mediterranean (UfM) highlights these aspects while launching various events and initiatives focused on music which will take place across the region. Starting from Spain, with a concert of the Arabic Orchestra of Barcelona and of the singer Judit Neddermann, on 26 November. The concert is organized by the European Institute for the Mediterranean and by the UfM secretariat in collaboration with local authorities. While the Anna Lindh Foundation (ALF) is coordinating civil society organizations across 25 Euro-Mediterranean countries, with 36 different free musical shows at community level, which will take place simultaneously on 28 November.
The Day of the Mediterranean will also provide new drive to build a common identity in the region, from European countries to those of the MENA region. The UfM launched an on-line campaign called “The Mediterranean, a voyage through the senses”, inviting all citizens to think about their common origins and what unites us as a Mediterranean population by filming a short video, sharing a picture or publishing a post in which one of our sense is most stimulated by the idea of the Mediterranean. The Day will also provide the opportunity to present themes of public interest, mobilize political will and resources to face the region’s problems, by remembering the creation of the Barcelona Process on 28 November, 1995.
Therefore the Day of the Mediterranean is a precious reminder of this commitment, to continue to work on this process despite the challenges. Among the initiatives, the ALF secretariat is organizing a special celebration at its headquarters. Among these celebrations there will be a multicultural musical exhibition and the projection of the logo on the building of the von Gerber home, which is located on the seafront in Alexandria, Egypt. The Mediterranean Day was launched in 2020 by 42 Member States of the UfM who declared 28 November the yearly celebratory date.
The Egyptian resort town of Sharm El Sheikh has been transformed into the epicentre of efforts to address the climate crisis as it hosts COP27.
But the coastline on which the UN climate conference is being held is more than just a backdrop for official negotiations.
The coral reefs that have long drawn tourists to the Red Sea peninsula are among the most biodiverse in the world. They are home to over a thousand different species of fish and around 350 coral species.
Mindful of their global importance, the United States Agency for International Development (USAID) has announced a major new fund to support the local ecosystem.
The US agency has contributed $15 million (€14.9) to the Global Fund for Coral Reefs (GFCR), it revealed at COP27 on Tuesday.
This initiative is the largest global blended finance vehicle – whereby development aid is used to mobilise additional private or public funds – dedicated to the UN Sustainable Development Goal on ‘Life Below Water’.
The fresh injection of funds takes the total amount of money mobilised by the GCR since it was launched at the 75th UN General Assembly in September 2020 to $187 million (€185.9 million).
Why are Egypt’s coral reefs so important, and how will the funding help?
As well as being astonishingly beautiful and rich habitats in their own right, the fate of coral reefs is one of several major ‘tipping points’ that could push us into climate catastrophe.
As ocean temperatures rise, some reefs are being bleached almost every year. It has caused the deathly pale appearance of swathes of Australia’s Great Barrier Reef.
Given their unique potential to withstand increasing impacts of climate change, the Red Sea reefs might be the most resilient on Earth.
Protection of ‘coral refugia’ reefs – those in climate cool spots – is critical as they offer the global community the opportunity to safeguard ecosystems. They can also act as seed banks that could bring degraded reefs back to a vibrant and productive state, explains Nicole Trudeau of the UN Development Programme.
“The Red Sea is home to a rich underwater ecosystem that attracts millions of tourists who create millions of jobs for Egyptians and bring in billions in foreign currency each year,” says USAID Chief Climate Officer Gillian Caldwell.
The funding will ‘incubate and scale’ business models that address local drivers of coral reef degradation – including overtourism.
It also aims to increase the resilience of local communities – a key part of GFCR’s approach in the 12 countries where it works, from Mozambique and Indonesia to Sri Lanka and Micronesia.
Development of the Egyptian Red Sea programme is led by the United Nations Development Programme Egypt Country Office.
“In the face of an intensifying climate crisis, USAID’s investment in the Red Sea Initiative will help to drive a nature-positive economic transition while boosting the climate resilience of coastal communities in Egypt,” UNDP Administrator Achim Steiner adds.
“[It is] demonstrating that change is possible when leadership, political will, and investment comes together.”
Many more ‘blue finance’ announcements – concerning mangroves and seagrass as well as reefs – are expected in the coming days at COP27.
A High Quality Blue Carbon Principles and Guidelines report, for example, is set to launch on Saturday.
“Nature-based solutions are being discussed at COP, but we still need to amplify the central role of nature in our climate mitigation and adaptation strategies,” marine conservation expert Josheena Naggea tells Euronews Green.
We tend to surf on how and why disputes arise between countries because each has interests to preserve. Notably, the advanced countries have the most to lose, and the developing ones are convinced they have too little to wait for. Despite that, at COP27, the authors found three reasons rich countries can no longer ignore calls to pay the developing world for climate havoc.
The enormous global paradox is that progress and development are the natural causes of planetary embarrassment and which, combined with the misdeeds of nature, pose a problem.
Prime Minister Rishi Sunak of Britain and Prince Mohammed bin Zayed of the United Arab Emirates in Sharm el Sheikh, Egypt, on Monday.Credit…UAE Presidential Court, via Reuters
COP27: three reasons rich countries can no longer ignore calls to pay developing world for climate havoc
Payments from high-emitting countries to mitigate the harm that climate change has caused in the most vulnerable parts of the world is finally on the agenda for discussion at a global climate change summit, more than 30 years after the idea was first articulated by delegates from small island developing states.
Loss and damage is the term used by the UN to describe these impacts of climate change that cannot be prevented and to which people cannot adapt. These include lives that have been and will be lost, communities displaced by rising seas, extreme weather and famine, livelihoods and cultural heritage destroyed and ecosystems damaged beyond repair because of a failure to arrest greenhouse gas emissions, and so, global temperature rise.
The UN’s Intergovernmental Panel on Climate Change (IPCC) reported that approximately 3.3 to 3.6 billion people are highly vulnerable to climate change. Many of them live in west, central and east Africa, south Asia, central and South America, as well as in small island developing states, such as Vanuatu in the Pacific, and in the Arctic.
As countries in these regions divert more of their wealth towards preparing for and recovering from storms, spreading deserts and melting glaciers, they are left with less money to cut their emissions and contribute to meeting the 1.5°C goal agreed at the negotiations in Paris in 2015. Rich countries, who are responsible for most emissions, promised US$100 billion (£87.2 billion) a year in aid in 2015.
But a recent UN report found that international finance to help the most vulnerable countries adapt to climate change (with bigger sea walls, for instance) has amounted to less than one-tenth of what is needed, and the gap between the two is widening. The US, UK, Canada and Australia are among the biggest laggards when their historical responsibility for climate change is taken into account. There has been no separate funding to address the damage already caused by warming.
At COP26 in 2021, developing countries proposed a loss and damage finance facility to help communities recovering from disasters and compensate them for what they have lost already. The EU and US resisted this in the final days of talks.
Instead, the Glasgow Dialogue was established: a series of discussions about how to arrange funding to help countries bearing the brunt of climate change. Delegates from developing country were sorely disappointed. Instead of material support, they got another talking shop.
But many of these same negotiators are heading into COP27 with new resolve. Here are three reasons why loss and damage is becoming harder for rich countries to ignore.
1. The latest science
Attribution science, which clarifies the links between extreme weather events and emissions, has taken great leaps forward in recent years. Across more than 400 studies, scientists have examined wildfires in the US, heatwaves in India and Pakistan, typhoons in Asia and record-breaking rainfall in the UK.
Broadly, this research shows the poorest and most vulnerable are bearing the heaviest burden despite having contributed the least to the problem. This growing evidence base bolsters the case for reparations.
2. Climate impacts are escalating
The deadly floods in Pakistan in August are the latest in a series of disasters to push loss and damage up the global agenda. According to a recent study, as much as 50% of the rainfall would not have happened without climate change.
Pakistan’s leaders have said that wealthy countries must help pay the bill. After all, it is the latter’s actions that precipitated the disaster. Pakistan’s historically low emissions mean its own contribution to climate change is negligible.
From droughts in Somalia to floods in Nigeria, extreme weather during 2022 has also heaped suffering on African countries with little culpability for climate change. Given that COP27 will be held in Egypt and has been dubbed “the African COP”, these arguments will be brought to the fore.
3. Growing momentum outside of the UN process
The increasing number and importance of lawsuits brought against countries and companies failing to reduce their emissions highlights growing frustration with negotiations under the UN Framework Convention on Climate Change (UNFCCC). As long as rich countries continue to evade the loss and damage issue, vulnerable countries and communities – and their lawyers – will search for alternative solutions.
That is not to say they haven’t had some notable recent successes. The UN Human Rights Committee (UNHRC) decided in September that the Australian government is failing to protect the Torres Strait Islanders from the effects of climate change. This sets a precedent in international human rights law which could one day extend to governments and institutions which have affected people further afield.
But, outside the UN, poorer countries are organising to explore ever more sophisticated diplomatic and legal ways of applying pressure on rich countries. At COP26, the prime ministers of Antigua and Barbuda and Tuvalu launched a commission to explore the kinds of compensation small island states might seek under international law. A group of countries led by Vanuatu is heading for the International Court of Justice.
Since high levels of debt hinder their ability to recover from the ravages of climate change, African and small island leaders are demanding debtors (including development banks and rich countries) write off, suspend or reschedule payments so that vulnerable nations can spend more on cutting emissions and adapting to climate change. These proposals have been called “debt for climate swaps”.
The International Monetary Fund recently announced a resilience and sustainability trust to help shield the finances of vulnerable countries from climate disasters, suggesting development policy is slowly shifting. This followed campaigning by Mia Mottley, the prime minister of Barbados.
Strings attached
Some rich countries are now taking action, suggesting a growing acknowledgement that this funding cannot be delayed forever. In September, Denmark was the first UN party to pledge finance – about US$13 million – to address loss and damage. The G7, under the leadership of the German presidency, has launched an initiative to expand access to financial aid in the immediate aftermath of climate disasters through improvements to existing insurance and social security schemes.
Because these initiatives have come outside of the UNFCCC negotiations, donor countries are free to dictate the terms of their support, sidestepping a process that should be about meeting the needs of vulnerable communities. Much of their funding will go into insurance schemes. Many of the insurance firms that would benefit are based in Europe and the US.
Insurance payouts may be a lifeline for drought-scarred small farmers and flooded homeowners. But some risks are uninsurable, especially those with a slow onset, such as those resulting from sea-level rise. Then there are less tangible harms, such as lost livelihoods, illness and biodiversity loss. Insurance against cyclones won’t compensate fishers in Tuvalu who stand to lose their coastal fisheries as coral reefs succumb to warming.
The next front in the loss and damage debate will involve exploring whether providing finance as a form of solidarity (rather than compensation) is more palatable for rich countries. If that money is wrapped up in insurance schemes, designed to enrich consultants, it won’t really help poor countries. Progress at COP27 will be determined by whether these nations feel the UNFCCC is even capable of helping them.
The world is, according to most, losing the climate change battle, but Algeria losing no hope is gearing up and can lead the way to combat climate change. It is a Fight against global warming for the collective effort of Africa.
COP 27: Algeria’s actions in the Fight against global warming for the collective effort of Africa.
By Dr Abderrahmane MEBTOUL
The temperature record is likely to become the norm, and not the exception and scientists continue to warn about global warming and call for emergency measures. Aware of the dangers threatening our planet, Algeria will be present at COP 27, which will take place in Egypt from 6 to 18 November 2022. The President of the Republic, Abdelmadjid TEBBOUNE, recently presented an ambitious plan for the fight against global warming in Africa. The goal unanimously adopted by the Organization of African Union (OAU) proposed the establishment of the Support Fund for Measures to Combat the Negative Impacts of Climate Change. It had been endorsed by the Peace and Security Council (PSC), urging developed countries to fulfil their commitments to limit climate deterioration.
1.-The context of the holding of COP 27 in Egypt
This crucial meeting engages the world’s security where UN reports predict an unprecedented drought between 2025 and 2030, with fires, a shortage of fresh water and, therefore, a food crisis. It is in an alarming context, with the last two years, 2021 and 2022, marked by extreme weather events such as mega-fires in the Amazon, California or Greece, drought in North Africa and Europe, continued deforestation in the Amazon, and floods in Pakistan. Fundamentally, if we fail to transition to a low-carbon world, it will threaten the integrity of the global economy.
Because the climate is a vast, interconnected system, any action in a specific area of the globe impacts the rest of the world. Since 1850, our planet has already warmed by an average of 1.1°C. According to the Sixth Assessment Report of the Intergovernmental Panel on Climate Change (IPCC), global warming could reach 1.5°C to 4.4°C by 2100. IPCC experts say global warming should be contained to +1.5°C by 2100 to prevent our climate from spiralling away. This limitation will be out of reach unless immediate, rapid and massive reductions in greenhouse gas emissions are achieved through carbon neutrality by 2050. Global warming has several adverse effects that threaten global security. Global warming is having disastrous consequences on the planet. It leads to rising sea levels, changing the oceans, amplifying extreme weather events and causing water to evaporate, which changes rainfall patterns. Global warming threatens plants and animals as the growth cycles of wild and cultivated plants are altered. Global warming is also disrupting human living conditions and increasing health risks: heat waves, cyclones, floods, and droughts, facilitated the spread of diseases and disruption of the distribution of natural resources, their quantity and quality, and agricultural yields and fishing activities. Thus, government commitments would only achieve 20% of the necessary emission reductions by 2030. Achieving the goals would require an investment of up to $4 trillion annually over the next decade, with most of these investments directed to developing economies. Global warming is not a vision of the mind being a global threat, and the highest Algerian authorities have become aware, especially with, on the one hand, torrential rains and, on the other hand, fires more and more frequent with sometimes criminal acts. But it is a question of distinguishing short-term actions in the face of emergencies from medium- and long-term measures that exceed the means of a single country; the efforts must be collective.
2.- Algeria’s actions against global warming: the national climate plan 2020-2030
For Algeria, a semi-arid country, the significant impacts of climate change are fires destroying thousands of hectares of forests, sometimes with many victims, not to mention material damage – as in 2021 in Kabylia and 2022 in the east of the country. A shortage of water resources, the degradation of water quality, the intrusion of marine waters at aquifers and the deterioration of infrastructure are caused mainly by water tables flooding. Algeria has adopted an ambitious plan against global warming because it has experienced, over the last century, a temperature increase of 0.3 ° C per decade as well as a rainfall deficit of 15%, requiring another water policy not unique to Algeria, which can lead to wars in the world. Algeria has opted for seawater desalination units throughout the country, particularly on the coasts where more than 80% of the population is concentrated. In Algeria, there are losses of up to 30% due to old pipes, making investments urgent as well as in water recycling units, another policy for agriculture by encouraging dripping, for example. The Albian aquifer is the enormous groundwater table in the world, with about 50,000 billion cubic meters, straddling three countries, Algeria, Libya and Tunisia. 70% of the water table is in Algerian territory in the country’s southeast. A pipeline has been built between In Salah and Tamanrasset for its supply, and a reasonable policy without breaking the ecosystem (these aquifers are non-renewable) can boost agriculture. Algeria is committed to the fight against climate change. In 2015, it ratified the Paris Climate Agreement (COP 21). Long before, in June 1992, Algeria signed the United Nations Framework Convention on Climate Change (UNFCCC) and ratified it in June 1993, having participated in the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP 25), which took place in Madrid (2-13 December 2019). The Green Economy Recovery Plan aims to encourage recycling and promote green processing industries by establishing tax incentives for industrial companies that commit to reducing the emission of gases and chemical waste. In the field of gas flaring, efforts have made it possible to reduce gas flaring by 500 million m³ during 2020-2021. Sonatrach Oil and Gas Group has signed the Zero Routine Flaring by 2030 initiative, launched in 2015 by the Secretary-General of the United Nations and the President of the World Bank Group, to end routine flaring by 2030. Recently, Algeria has set up a National Climate Plan 2020-2030 covering 155 projects to reduce greenhouse gas emissions, adapt to the negative impacts of climate change, and support climate governance. It has committed to reducing its greenhouse gas emissions by 7%, a rate that could rise to 22% by 2030 if it can receive support for significant projects to adapt to climate change. Algeria has adopted a program to convert vehicles to LPG while creating national structures to implement strategies for producing clean energy. It includes green hydrogen, and the revival of the Green Dam project with a view to its expansion to an area of 4.7 million hectares in the coming years is part of this strategy to fight against global warming.
3.- Algeria’s solidarity potential
But it is mainly thanks to its great solar potential (3000 hours) that Algeria is in an excellent position to produce electricity. Having an ambitious program for renewable energies to combine thermal for export and photovoltaic solar panels for the domestic market. In mid-July 2011, Algeria took delivery of the hybrid power plant at Hassi R’mel, with a total capacity of 150 MW, including 30 MW from the combination of gas and solar. This is an exciting experience. Combining 20% gas, cleaner than coal and oil, and 80% solar seems essential to reduce costs and master the technology. The Algerian program consists of installing a renewable power of nearly 22,000 MW by 2030/2035, of which 12,000 MW will be dedicated to covering national electricity demand and 10,000 MW for export. According to the Ministry of Energy, in 2030, the goal is to produce 40% of its electricity needs from renewable energies. The amount of public investment devoted by Algeria to the realization of its renewable energy development program by 2030 was initially set (between 2019/2020) at 60 billion dollars, requiring a national and international public-private partnership. Recently, the delegation led by the European Commissioner for Energy, visiting Algiers, committed to promoting investment in renewable energies and green hydrogen, the power of the future 2036/2040; this segment, in partnership with Algeria through interconnections, there is an opportunity to export to Europe. But other partnerships are possible, especially with China investing in these niches.
In conclusion, the irony of history, according to a recent UN 2022 report, in its worst projection, a warming of the temperature of the planet beyond 4 ° C under the title “threat to the Nile”, one of its jewels is threatened with disappearance where with the rise in sea level caused by global warming,
“The sea will rise by one meter, consequently engulfing a third of the very fertile land of the Nile Delta and historic cities; the coastal city of Alexandria could be underwater by 2050.” It also threatens all coasts of the world, including the Algerian coast. Peace in this region is essential for calmly addressing the strategic subject of global warming and, therefore, the irreversible energy transition that will change the world’s energy and economic power between 2025/2030/2040. However, with the war in Ukraine and the energy crisis, many countries have come to fall back on fossil fuels massively. Like most developing countries, Algeria is caught because air pollution is not their responsibility. the main culprits are the developed countries, China and Russia, and their commitments still need to be fulfilled under the second period of the Kyoto Protocol. It is the responsibility which lies primarily with the developed countries, significant polluters, with a catastrophic impact on developing countries, particularly in Africa where the commitments of COP 21 of the aid of 100 billion dollars have been very partially implemented. And the significant problem to be solved, a complicated equation, is to reconcile the legitimate development aspiration and the fight against global warming presupposing progressive adaptation strategies with the help of developed countries to achieve this transition. Let us hope this umpteenth meeting will propose concrete solutions to global warming.
Dr Abderrahmane MEBTOUL, University Professor, International Expert Doctor of State 1974
Director of Studies Ministry of Industry and Energy 1974/1979-1990/1995-2000/2006-2013/2015
Chairman of the Energy Transition Commission of 5+5+ Germany in June 2019
In the lead up to COP27 in Egypt, all eyes are on the region. The acceleration of the global energy transition poses critical challenges for the Middle East and North Africa (MENA), with the transformation evolving into an all-encompassing economic, social, and political project for the region. Exacerbating this shift are two main factors: the over-dependence on hydrocarbons, coupled with ongoing diversification drives and ambitious reform programs aimed at widening the economic base. MENA is one of the most climate-vulnerable regions, facing extreme high temperatures, worsening droughts and floods and sea-level rise. Importantly, given that climate change is a threat multiplier impacting the region’s growth and development, a proper response would require a multi-pronged approach, including policy, regulatory frameworks and sizeable financing. This piece primarily will focus on financing and on the role of existing international financial institutions (IFIs) and international organizations addressing this.
The need for diverse financing
Over the latest decades, climate disasters in the region have adversely impacted growth, fiscal (government) space and the external sector (exports, imports, financial flows). This has disproportionally affected fragile and conflict states, including communities at risk, aggravating poverty and inequality, and contributing to social tensions, migration and conflict. Therefore, to help MENA countries boost climate resilience, measures to promote climate adaptation and mitigation are a priority. More specifically, financing is needed to help scale interventions, from domestic to external sources, including the public sector, private and international sources.
Domestically, fiscal budgets need to incorporate climate adaptation– and mitigation-related investments, including adequate buffers to react to climate shocks, while simultaneously preserving debt sustainability. Governments in the region have benefited from financial solutions to meet their need for sustainable investments. In September 2020 and in an emblematic transaction, Egypt issued its first-ever green sovereign bond in the region, valued at $750 million, with a tenor of 5 years and an interest rate of 5.25%. Proceeds were earmarked for financing clean transportation, renewable energy, pollution prevention and control, sustainable water and wastewater management, energy efficiency and climate change adaptation. On the heels of this investment, preliminary data in 2022 suggest that Egypt is on track to achieving its Vision 2030 goal of increasing the proportion of green projects in its investment budget, from 14% in 2020 to 30% in 2022.
However, climate initiatives also require the mobilisation of private capital as a critical complement to that of the public sector. While banking systems in the Gulf remain well-capitalised, those in other countries remain weak, as in Algeria, Iraq and other fragile countries. Financial institutions in the region are characterised by concentrated lending to sovereign or government-led projects, reflecting the outsized role of the state, including exposure to national oil companies, through syndicated bank loan financing, which will squeeze local liquidity.
Leveraging international financiers and multilaterals
One way the international community provides climate financing to MENA is through multilateral, predominantly non-concessional terms and debt instruments, and through bilateral finance, primarily on concessional terms. Key contributors include European countries, with France (through Agence Française de Développement [AFD]) and Germany (through KfW or the German Agency for International Cooperation [GIZ]) taking the lead on individual country and regional programs – and a host of other peer nations, including Japan, contributing through other channels such as the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB) and multilateral climate funds (notably, the Clean Technology Fund and the Green Climate Fund). The Islamic Development Bank also plays a role in climate change initiatives, co-financing projects with the EBRD and others.
Other forms of IFI financing include senior or mezzanine debt or equity and can take on hybrid forms, such as blended finance. This is when an IFI’s own account finance (from its balance sheet) and/or commercial finance from other investors is ‘blended’ with concessional finance from donors, or third parties, to develop private sector markets. Indeed, a climate project is not fully commercial on a standalone basis and needs a temporary subsidy to enable its high-impact, without which it would not otherwise materialise.
The largest contributions are from the Clean Technology Fund, one of the two multi-donor trust funds under the Climate Investment Funds framework, with an estimated pool of $5.4 billion in funds. More broadly, amongst the various climate funds, between 2003 and 2022 an estimated $1.6 billion of financing was approved for over 139 projects, whose scope was largely centred on mitigation efforts, despite pressing adaptation needs in the region, especially for water conservation and food security measures. Out of the total funding approved for the region, $560 million (approx. ~30%) has taken the form of grants. The two top recipients, Egypt and Morocco, have respectively received 29% and 19% of the total approved climate finance in the region.
Capital market instruments
Green and blue bonds, including Islamic green Sukuk, can help attract financial flows for climate change. These are fixed income (debt) instruments, whose issuers exclusively use the proceeds to finance investments in climate and environmental projects. Since the first green bond issuance in 2007 by EIB, under the label Climate Awareness Bond, various assets have been identified to qualify for green. Initially, only Multilateral Development Banks were issuing green bonds, until 2012, when the first private transaction was completed. The growth of the international green bond market serves to showcase how capital markets can channel private capital to address climate change. For example, in August 2021, Egypt’s Commercial International Bank issued a $100 million Green bond with the International Financial Corporation (IFC), the private sector arm of the World Bank, subscribing to the full value of the issue.
The rising market of blue finance emerged in 2014. In the same way, the green space developed in response to increased carbon emissions, the premise of blue being centred on contributing to ocean protection and improved water management – an ever-growing challenge in water-poor MENA. In January 2022, IFC released its Guidelines for Blue Finance, which delineated how to structure, evaluate and monitor blue bonds and loans. This framework is supported by The International Capital Market Association (ICMA), which acts as a repository for promoting internationally accepted standards of practice.
For both green and blue assets, external second party opinion providers and third-party verification is becoming increasingly important, especially in bonds and capital markets, to address risks of ‘greenwashing’–that is, portraying an asset, investment or initiative as Environmental Social Governance-aligned where no real sustainability impacts exist–and similar risks resulting from ascertaining what qualifies as blue, to ensure the use of proceeds are being properly directed.
Given the region’s level of water stress means blue finance may provide an innovative financing solution in the region, to address not only more sustainable practices in wastewater and sanitation services, but also coastal resilience and interventions, especially in countries like Algeria, Egypt, Morocco and Tunisia, where erosion and increased flooding–together with overfishing in the Mediterranean–present a few challenges. The World Bank is currently engaged in the region through MENA Blue, whose program is designed to strengthen physical, social and economic resilience, through technical assistance and the mobilisation of climate finance.
Such developments, together with the growing trend of investors demanding more transparency and accountability, will ultimately dictate where capital goes, impacting financial flows and growth within these economies.
Galvanising regional momentum
As COP27 inches closer, in a part of the world where climate change is acutely felt, the MENA region is facing a tremendous opportunity to benefit from, and contribute to, the global energy transition. Despite the country-specific idiosyncrasies, the region has been able to innovate and experiment with new technologies and financial approaches, supported by the state, and regulatory frameworks.
Ultimately, as climate vulnerabilities continue in intensity and frequency, thereby increasing loss and damage, countries in the region need to obtain diverse sources of funding to tackle adaptation and mitigation, to determine how best to rebalance transition risk, while ensuring long-term economic viability moving forward.
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