FMO, IsDB and RCREEE side event at COP 24: "The untapped Arab region resources: Renewable Energy and Energy Efficiency"
Arab countries have vast renewable energy resources yet the economies are still heavily dependent on fossil fuels in order to cover the growing energy needs. In order to decline the use of fossil fuels and to save energy, an increase in alternative energy project implementation is needed.
A tripartite collaboration between the Dutch Development Bank (FMO), Islamic Development Bank (IsDB) and the Regional Center for Renewable Energy and Energy Efficiency (RCREEE) was launched in the beginning of 2018 with the aim to enhance cooperation on renewable energy (RE) and energy efficiency (EE) investment promotion.
On 14 Dec, and during COP 24, FMO, IsDB and RCREEE are organizing a joint side event to discuss partnerships related to climate financing options to improve and increase access to climate finance, and enabling a substantial increase in investment in RE & EE projects in the Arab region.
During the side event, a new business model will be presented among the largest Pan-Islamic Multilateral Development Bank in terms of subscribed capital (IsDB), and the second largest European Development Financial Institutions (EDFI) in terms of subscribed capital (FMO)and the Regional Center for Renewable Energy and Energy Efficiency.