Finance update: Mediterranean region received USD 4.6 billion in climate finance in 2016

December 4, 2017
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According to a new assessment presented by the Union for the Mediterranean (UfM) at the COP 23, USD 4.3 billion originated from climate specific funding and USD 252 million from dedicated climate funds. The majority of funding was channelled through the European Bank of Reconstruction and Development (EBRD), the European Investment Bank (EIB) and the International Bank for Reconstruction and Development (IBRD). Bilateral donors also played an important role, primarily Germany (14%), France (10%), EU institutions (6%), the United Arab Emirates (3.6%), and Japan (3.5%).

Turkey was the primary recipient of climate finance (USD 2 billion) followed by Morocco (USD 960 million) and Egypt (USD 690 million), mainly for renewable energy activities with a strong mitigation component. No identified climate finance was approved during the 2016 budgetary year for Israel, Libya, and Syria. Several projects are underway in Palestine, although funding is yet to be confirmed. During 2013-2015, Palestine received USD 395 million for 160 grants, primarily to improve water supplies and sanitation.

The largest fund was the Clean Technology Fund (CTF) (1%), whereas the Global Environment Facility (GEF) and its dedicated funds, the Special Climate Change Fund and the Least Developed Countries Fund, contributed less than 1% to the region. Most regional funding was orchestrated by the Green Climate Fund (GCF). Egypt, Jordan, Morocco and Tunisia received 80% of such funding together, which increases their total approved funding volumes by approximately USD 40 million each.

The ClimaSouth project supports climate action in South Mediterranean countries, assisting with the transition towards low carbon economies and enhanced climate resilience. It was initiated in 2013 and is funded by the European Union. Key stakeholders include technical government departments at operational and policy level, decision makers and civil society representatives.

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Countries covered:

  • Algeria
  • Egypt
  • Israel
  • Jordan
  • Lebanon
  • Libya
  • Morocco
  • Palestine *
  • Syria *
  • Tunisia