Unlocking potential: green finance in the Middle East, North Africa and Central Asia

Summary:

The speaker, Sabine Mauderer, emphasized the urgent need to address climate change, citing examples of devastating floods in Pakistan and water scarcity in Egypt. She warned that climate change will have significant effects on food prices and food security, particularly in the Middle East, North Africa, and Central Asia. The speaker highlighted the need for two-pronged responses: adaptation (responding to existing climate change) and mitigation (accelerating global decarbonization). She emphasized that time is running out for fossil fuels, citing the International Energy Agency's projection that global demand for oil will peak by the end of the decade.

The speaker also emphasized the importance of green finance, highlighting the estimated $1 trillion financing needs for climate adaptation and mitigation in the region by 2030. She emphasized the need to attract private capital, citing the challenges emerging market and developing economies face in mobilizing green finance. The speaker presented the NGFS Blended Finance Handbook, which identifies barriers to blended finance and provides policy recommendations, such as developing climate policies, promoting risk management, and improving decision-useful information.

The conclusion emphasized the need for multitasking, as countries in the region face climate-related risks, and the importance of committing to sustainable finance to address these risks.