The Union for the Mediterranean and the Regions of Climate Action join forces to scale up climate finance
October 30, 2019
The Secretary General of the Union for the Mediterranean (UfM), Nasser Kamel, and the Executive Director of the Regions of Climate Action (R20), Christophe Nuttall, signed a partnership agreement to promote climate finance opportunities, notably at the level of regional and local authorities and small and medium-sized enterprises (SMEs), with the help of private finance leveraged through public finance.
The agreement provides a solid basis for strengthened cooperation and coordination of mutual efforts in the domain of climate finance. The UfM Secretariat and R20 agree to regularly exchange relevant information, jointly identify and support the development of sustainable infrastructure projects, such as waste optimization, decentralised renewable energy and energy efficiency, as well as deliver feasibility studies to showcase the bankability of such projects. A portfolio of projects “ready to be invested” is under preparation and will be jointly presented at COP 25.
R20 – Regions of Climate Action is a not-for-profit international organization founded in 2011 by former Governor of California Arnold Schwarzenegger in cooperation with a number of leading regions and NGOs, the United Nations, Development Banks, Clean-Tech companies, and Academia. Their mission is to accelerate sub-national infrastructure investments in the green economy to meaningfully contribute to the Sustainable Development Goals (SDGs).