Sharm El Sheikh, Egypt, 9 November 2022 – Islamic Development Bank (IsDB) Group’s Climate Action Plan 2020-2025, has taken concrete steps in scaling up climate action and integrating climate change across its operations.

“IsDB Group has made firm commitments to tackle climate challenges and work with its 57 member countries to meet their climate goals; a major objective that is taking center stage at IsDB’s re-aligned 10-year strategy,” IsDB President and Group Chairman, H.E. Dr. Muhammad Al Jasser, told the World Economic Forum (WEF) event at COP27 themed: Closing the Climate Action Gap in MENA.

“We have launched the IsDB Climate Action Plan to help countries implement these national plans. This action plan aims to increase the portion of the financing to 35% dedicated to climate action, focusing on protecting the poorest who are the most vulnerable to climate change impacts. The good news is that we are already at 31%,” Dr. Al Jasser said.

IsDB has raised more than US$5 billion through ground-breaking Green and Sustainability Sukuk, offering global investors the opportunity to earn best-in-class returns and make an impact with their investments. These green assets are utilized to back up the issuance of Green Sukuk to sustain the momentum of this "virtuous cycle" of greening the financial system and ultimately play its part in furthering a just transition in countries

According to IsDB President there are significant opportunities to be realized in transitioning to a low-carbon, climate-resilient economy, achieving sustainable development while tackling climate threats. These include opportunities in resource efficiency, asset resilience, and low carbon transport among others.

Elaborating on how the MENA region is responding to climate challenge through coming up with some of the most innovative Initiatives recently, the IsDB Group Chairman referred to some examples of efforts in the region that address long-term threats through holistic, multisectoral approaches such as The Kingdom of Saudi Arabia’s launching of the Middle East Green Initiative and the Saudi Green Initiative; and the Egyptian Initiative of the Nexus of Water, Food, and Energy (NWFE) Program.

The Middle East and North Africa is the most water stressed region in the world and as a result, there is a potential for increased fragility and conflict due to deteriorating conditions. Priority vulnerable sectors identified across MENA are water and agriculture sectors.