Facilitating access to climate finance in the MENA region
The Green Climate Fund has launched “GCF 101” – a new web-based guide with detailed information on how to access the Fund’s resources. The tool aims to help potential stakeholders better navigate the many elements to be considered in engaging with the Fund. It provides simple step-by-step guidelines increasing clarity and transparency on the main processes required to access funding. A further tool, specifically dedicated to accessing climate finance within the South Mediterranean region, has been recently developed by the EU-funded ClimaSouth project. The E -Handbook on Accessing Climate Finance will be presented as part of training sessions to be held in various countries in the region, starting with Lebanon and Palestine.
The European Bank for Reconstruction and Development (EBRD) is the largest single recipient of GCF resources. An allocation of US$ 240 million was recently approved for a series of new projects to be implemented by EBRD, taking the total GCF provision for green EBRD projects to US$ 618 million. This provides a significant boost to the Bank’s Green Economy Transition approach, aimed at reducing CO2 emissions and responding to the global climate challenge by dedicating 40% of its annual business investments to green projects by 2020.
The GCF’s contribution is expected to support almost US$ 3 billion in investments across 10 countries. Within the Middle East and North Africa (MENA) region, the EBRD is preparing to invest US$ 350 million for a Renewable Energy Financing Framework in Egypt to be complemented by US$ 154.7 million of GCF’s concessional loan and technical assistance. The framework will help increase Egypt's energy security and diversity by exploiting the country's vast renewable energy potential. In Morocco, with a GCF grant contribution of €32 million, the EBRD and its partners, are making available US$ 207 million for the Saïss Water Conservation project. The aim is to build an irrigation infrastructure that will benefit agricultural production and cut the depletion of scarce groundwater resources.
Resources: Green Climate Fund guide | ClimaSouth E-Handbbok