World Bank ups Middle East climate financing to $10B by 2025

The World Bank will increase its climate financing to the Middle East and North Africa (MENA) region to a total of $10 billion by 2025, according to a senior representative at the multilateral lender.

“In the last three years, we had provided $6.3 billion in climate financing for the region,” Meskerem Brhane, the bank’s regional director for Sustainable Development, Middle East and North Africa, said in a statement to the Emirati news agency Wam.

The funding is allocated for investments focusing on climate mitigation, such as reducing net carbon emissions, and projects to build climate resilience and adaptation, helping countries prepare for and respond to natural disasters linked to climate change.

Brhane said the Washington DC–based global financier last year provided $800 million in climate financing to Jordan, Lebanon and Morocco.