Sharm El Sheikh, Egypt, 9 November 2022 –Islamic Development Bank (IsDB) President and Group Chairman, H.E. Dr. Muhammad Al Jasser, has announced that the Bank Group, in partnership with the Arab Coordination Group (ACG), is providing an eight-year US$24 billion financing package that will fund climate action activities in common member countries.  

“As part of our collective objective of promoting a just, inclusive, affordable, and equitable energy transition and resilient future for all, the Arab Coordination Group is delighted to announce a Climate Action financing package of US$24 billion for the next eight years. Of this amount, the IsDB Group is contributing US$13 billion in adaptation and mitigation finance for 2023-2030,” the IsDB President and Group Chairman stated.

Dr. Al Jasser made the announcement on Wednesday 9 November 2022 at a Press Conference at the IsDB Group Pavilion on the sidelines of the ongoing United Nations Climate Conference (COP27) in Sharm El Sheikh, Egypt.  

“Financing transformative climate action is vital to inclusive development which supports the most vulnerable people affected by climate change, especially in the least developed countries and Small Island Developing States. In today's complex and dynamic world, climate change continues to pose a significant threat to socioeconomic development and the overall well-being of people, communities, and societies,” he told international reporters. 

He then elaborated: “Our collective commitment, today, will help member countries, including the least developed ones, enhance their resilience in food systems, clean transportation, urban systems, and energy security. To meet developing nations' adaptation and mitigation needs and contribute to climate financing, the Group will capitalize on financing instruments to support member states. This involves de-risking and accelerating private sector investment in areas and regions in desperate need of these investments.

“We stand by our member countries and the global community as we strive to achieve the SDGs, more specifically, clean energies and a greener world for all,” Dr. Al Jasser reiterated.

The Arab Coordination Group comprises four bilateral and six multilateral Arab development financial institutions: Abu Dhabi Fund for Development, Arab Bank for Economic Development in Africa, Arab Fund for Economic and Social Development, Arab Gulf Program for Development, Arab Monetary Fund, Islamic Development Bank, Kuwait Fund for Arab Economic Development, OPEC Fund for International Development, Qatar Fund for Development, and Saudi Fund for Development.