BADEA allocates 30% of its financing during past 10 years to climate projects in Africa: President

BADEA allocates 30% of its financing during past 10 years to climate projects in Africa: President

DUBAI - Dr. Sidi Ould Tah, President of the Arab Bank for Economic Development in Africa (BADEA), confirmed that the bank allocated approximately 30% of its financing during the past ten years to climate projects in Africa. In statements to the Emirates News Agency (WAM), he added that the bank - during its participation in COP28 - prepared a working paper on climate finance in Africa until 2030. The paper has been approved, and work is underway with partners to enter into projects that serve climate finance and energy transition in Africa, focusing on clean energy. He said that the allocation of US$10 billion by the Arab Coordination Group (ACG) - during COP28 to support energy transition until 2030 - confirms ACG's constant commitment to financing the just energy transition in the world. He stressed that COP28 marks a critical stage in the global climate action journey, and steps will have a significant impact on the world and the future of international climate action. In a continued effort to address the global climate crisis, the Arab Coordination Group (ACG), a strategic alliance of regional and international development institutions, announced a comprehensive plan to support an inclusive, affordable and equitable energy