Sustainable Energy Transition in North Africa and the Middle East: Role of Climate Finance

                                                                                                                              

The Middle East and North Africa (MENA) countries have set their Nationally Determined Contributions (NDCs) in line with sustainable development goals 7 and 13 and are taking action towards achieving them. Progress is being made and efforts are ongoing, but the implementation is only scratching the surface so far and the full potential of the region has yet to be tapped.

With improved access to RE and EE projects financing , MENA region countries can accelerate, roll-out, and reach their national sustainable energy targets.

On this basis, the Regional Center for Renewable Energy and Energy Efficiency (RCREEE) in cooperation with the Dutch Development Bank (FMO) and Islamic Development Bank (IsDB) are organizing a side event at COP 24 on December 12, 2018.

We have the privilege of welcoming a diverse group of panelists and decision makers including:

- H.E. Ms. Sigrid Kaag, Minister for Foreign Trade and Development Cooperation of the Kingdom of the Netherlands
- H.E. Dr Yasmin Fouad, Minister of Environment, the Arab Republic of Egypt (TBC)
- European Commission, TBC
- Idsert Boersma, Director Partnership for Impact, FMO – Dutch Development Bank
- Mohamed Al Sayed, Manager Economic Infrastructure- Islamic Development Bank

As a moderator, RCREEE Executive Director Dr. Ahmed Badr will navigate the panelists’ discussion on how to scale up MENA access to climate finance and reduce the cost of capital for climate finance, without crowding out national financial markets.

Also, a new business model will be revealed based on the experience of RCREEE in the region, the largest Pan-Islamic Multilateral Development Bank in terms of subscribed capital i.e. Islamic Development Bank (IsDB), and the second largest European Development Financial Institutions in terms of subscribed capital i.e. FMO – Dutch Development Bank.

More details are available here