Dubai, United Arab Emirates, 03 December 2023 - The Islamic Development Bank (IsDB) President, H.E. Dr. Muhammad Al Jasser, has announced that the IsDB will provide over $1 billion in climate finance to support its member countries affected by fragility and conflict during the next three years. The President declared IsDB's intent during the session on Accelerating Climate Action and Finance to Countries and Communities Facing Multifaceted Crises: Launch of the COP28 Declaration on Climate, Relief, Recovery and Peace as part of the ongoing COP28 events in the UAE.

In his declaration, President Al Jasser elucidated that fragile and conflict-affected countries are disproportionately experiencing the devastating impacts of climate change. He said that amplifying resource scarcity in these countries disrupts livelihoods and further challenges their economies, noting that the IsDB recognizes the urgency of creating genuine momentum in addressing these challenges. "This financing will prioritize high-impact actions, mainly adaptation finance, aligning them with broader development objectives of addressing fragility. In this endeavor, we will try to deploy as much concessional finance as possible, including through our Lives and Livelihoods Fund," Dr. Al Jasser emphasized.

Highlighting the importance of taking transformative climate action to promote inclusive development, especially among the vulnerable populations of least-developed countries, the IsDB Chief said it is crucial to identify high-impact programs, establish effective policies, and secure significant concessional financing to ensure tangible results.

Dr Al Jasser reiterated the Bank's commitment to developing interventions that foster resilience and sustainable development in the key demographics considering women, youth and children. He also shed light on the particular emphasis placed on supporting women and children, who often bear the brunt of climate change, conflicts, and economic hardship.

He applauded the commitment of the UAE Presidency and expressed IsDB's firm commitment to enhancing climate resilience, promoting sustainable development, and protecting women and children in its member countries facing fragility and conflict.