The Mid-Term Progress Report on the World Bank's Climate Roadmap for the Middle East and North Africa (MENA) region highlights the region's efforts in accelerating climate action through various initiatives. The roadmap, launched in 2021, sets forth key targets aimed at aligning financial flows with the Paris Agreement by FY23, ensuring climate-proof investments, and delivering balanced focus on adaptation and mitigation.
Key achievements over the three-year period include:
INVEST: The World Bank, alongside the International Finance Corporation (IFC) and Multilateral Investment Guarantee Agency (MIGA), has committed approximately $6.25 billion in climate-related financing from FY21 to FY23, aiming for $10 billion by FY25. The portfolio is increasingly focused on whole-of-government climate-smart operations.
BALANCE: Over FY21-FY23, investments were evenly distributed between climate mitigation (51%) and resilience/adaptation (49%) across IBRD and IDA projects. This addresses an earlier imbalance towards mitigation activities seen in FY11-FY21.
DEVELOP: The Country Climate and Development Reports (CCDRs) for all MENA countries have been developed, integrating climate risk management and opportunities for low carbon growth into strategic documents like the Country Partnership Frameworks (CPF).
ALIGN: The World Bank's support aligns with the Paris Agreement goals, emphasizing the importance of climate action across sectors.
Cross-cutting solutions: These include strategies for food systems, water security, resilient natural capital, energy transition, low-carbon mobility, climate-smart cities, and sustainable finance, aiming to tackle climate challenges holistically.
Looking ahead: While progress is evident, there are identified gaps and opportunities for further action, emphasizing the need for continued commitment and innovative approaches to address climate change in the MENA region.
The roadmap underscores the World Bank's role in facilitating climate-smart development, emphasizing the importance of balanced investments, strategic planning, and cross-sectoral collaboration in the MENA region's journey towards sustainable and resilient futures.
