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Denver – The UK announced today plans to fund sustainability transformation in several MENA countries with a $69 million investment portfolio.
With countries around the world gathered in Glasgow to discuss solutions to the alarming climate crisis, the UK announced the massive contribution would be provided to the High Impact Partnership on Climate Action (HIPCA) founded during this year’s COP event.
The European Bank for Reconstruction and Development announced the creation of HIPCA in collaboration with Austria, Finland, the Netherlands, Switzerland, and the Tawainese International Cooperation and Development fund.
HIPCA is intended to boost global investments to reduce greenhouse emissions, increase sustainability, and better protect the environment.
James Cleverly, the UK Minister of State for the Middle East and North Africa, announced London’s contributions during the HIPCA launch event Tuesday.
“The UK is making a £50 million contribution to HICPA, whose work to mobilize funds and support green infrastructure projects in the Middle East and North Africa is vital for both economic growth and a greener future for the region,” Cleverly said.
Countries that will benefit from the contribution include Morocco, Jordan, Algeria, Egypt, Tunisia, and Lebanon.
The EBRD announced it would also be collaborating with other international development banks to step up environmental protection efforts in the future. A key consensus at this year’s COP conference has been the need to boost international financing to support developing countries in realizing their climate-conscious projects.
While countries like Morocco have already begun national sustainability programs, the availability of international funding will provide developing additional resources as some of them look to accelerate eco-friendly transitions and expand sustainability efforts.
