Over 200 million euros for new climate projects in the MENA region
New projects targeting the MENA region have been given the go ahead by the Green Climate Fund (GCF). Three of the eight projects, approved at the first GCF board meeting in 2017, target countries in the region. A Renewable Energy Financing Framework programme in Egypt was funded to the tune of USD 154.7 million, in collaboration with the European Bank for Reconstruction and Development (EBRD). Another project in collaboration with the EBRD, focusses on the Saïss Water Conservation project in Morocco, with a budget of EUR 31.97 million. The third project, which aims at adapting irrigated agriculture to climate change in Semi-arid Morocco, has attracted funds of EUR 20 million in partnership with the Agence Française de Développement (AfD).
Previously approved GCF projects are already under implementation in the region. Egypt, Jordan, Morocco and Tunisia are among the ten beneficiary countries targeted by the USD 378 million programme co-financed by the EBRD, to help deliver sustainable energy financing to the private sector. Another project destined USD 39.3 million to support moroccan rural communities in the Argan Biosphere Reserve through the planting of argan orchards and the promotion of sustainable practices to build resilience and support climate mitigation.
Created by the United Nations Framework Convention on Climate Change (UNFCCC), the GCF aims to support a paradigm shift in the global response to climate change. It allocates resources to low-emission and climate-resilient projects and programmes in developing countries. The Fund pays particular attention to the needs of societies that are highly vulnerable to the effects of climate change, in particular Least Developed Countries (LDCs), Small Island Developing States (SIDS), and African States. By the end of 2014, the GCF raised USD 10 billion equivalent in pledges from 35 countries. Taking the eight new projects into account, the Fund’s portfolio now consists of 43 projects and programmes amounting to USD 2.2 billion in GCF funding for a total value of USD 7.3 billion, including co-financing.