Who: African Development Bank and partners
What: Five sessions on the side-lines of the Middle East and North Africa Climate Week
When: 29 March 2022 from 13:45-17:15 GMT+4 (three events will take place concurrently)
Where: The Palm Jumeirah, Dubai and Virtual
The African Development Bank will co-host five events on the side-lines of the first-ever edition of the Middle East and North Africa Climate Week, which will take place in Dubai, United Arab Emirates from 28-31 March.
Middle East and North Africa Climate Week is hosted by the Government of the United Arab Emirates and jointly co-organized by the United Nations Climate Change Secretariat, United Nations Development Programme, United Nations Environment Programme, the World Bank Group and MENA-based partners. The meetings aim to accelerate collaboration and integrate climate action into the global pandemic recovery.
With the Islamic Development Bank, the African Development Bank will host Nature Based-Solutions and Nature Derived-Solutions for Climate Change Adaptation and Mitigation in the Middle East and North Africa region from 13:45-15:45 GMT+4. The session will take place at Atlantis, The Palm - Silk C.
Through case studies it will highlight the role of nature-based solutions and nature-derived solutions in adaptation and mitigation efforts, stressing challenges and opportunities in the scale up of such solutions in the Bank's operations. It will also illustrate country best practices, with a focus on members of both Multilateral Development Banks.
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Also with the Islamic Development Bank, the African Development Bank will host A Green Finance Facilities Ecosystem: a $3tn opportunity for Africa from 15:00-16:00 (GMT+4). The webinar, which will take place virtually and at Atlantis, The Palm - Spice B, will explore the role that green financial facilities and green banks play in using public funds to leverage far greater private investment in support of local bankable sustainable projects. This session will present how these financial institutions provide an innovative solution that will fill the climate and environment investment gaps for Africa.
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A third event hosted with Islamic Development Bank, The Role of Sustainable Finance Market in Transition to a Green Resilient Future, will take place at Atlantic, the Palm, also from 15:00-16:00 GMT+4.
Unanticipated impact of the COVID-19 pandemic has led to competition for limited financial resources especially for green investments and development projects. As countries aim to build back better in a manner that is robust and resilient, the challenges of finance mobilization remain.
In many markets, the sustainable finance market is helping to diversify the asset pool for various investors and increase their offerings beyond traditional financing to more impactful and sustainable investments. In addition, sustainable financing instruments including social bonds, green bonds, green banks, are continuing to provide financial solutions to address environmental and social challenges in member countries while expanding the role of these financial instruments in achieving the Sustainable Development Goals.
The session will explore the role of the sustainable finance market in bridging the financing gap and how green finance products can help economies build back better to achieve a robust and resilient post-Covid-19 future.
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In cooperation with the European Bank of Reconstruction and Development, and Climate Investment Funds, tthe African Development Bank will host Gender-responsive Climate Finance and Financing - Bridging the MENA's Gender Gap in Climate Relief, Recovery and Resilience from 15:00 to 16:00 (GMT+4). The webinar will take place virtually.
The event will explore the role women play as active agents of change at different levels of the adaptation and mitigation process in climate actions in the Middle East and North Africa region.
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With Glasgow Caledonia University, the African Development Bank will organize Fairness and Justice in Advancing Climate Finance for Adaptation & Resilience from 16:15 to 17.15 GMT+4 at Atlantis, the Palm - Spice A - Room A Davos 6.
Building the resilience of women and girls to cope with a changing climate requires climate finance to be directed to support their adaptation needs now rather than what is currently commonplace: reactively directing investment to climate disasters as and after they happen.
The event will shine a spotlight on how climate finance can and must be enabled in terms of investing in people, supporting their wants, desires and aspirations, including mental health and wellbeing needs, so they can lead and contribute to economically strong households capable of withstanding the impacts of climate change and other disasters.
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To see the Middle East and North Africa Climate Week 2022 Event Programme, click here. For an information note on the event click here. To pre-register, please visit the MENACW 2022 webpage .
Media contact:
Sonia Borrini, s.borrini@afdb.org
