Accelerating Private Finance for the Arab Renewable Energy Transition
Mar 22, 2021
According to the United Nations Framework Convention on Climate Change (UNFCCC), climate finance refers to local, national or transnational financing - drawn from public, private and alternative sources of financing - that seek to support mitigation and adaptation actions that will address climate change.
To support development countries’ efforts towards effective climate action, it is important for relevant stakeholders to recognize their financial needs as well as to understand how available financial instruments can be mobilized and used towards their climate ambition.
While climate finance includes both mitigation and adaptation, this discussion paper focuses on renewable energy finance in the context of strengthening human security in the Arab region. Renewable energy systems entail numerous benefits for various Sustainable Development Goals (SDGs) and the 2030 Agenda for Sustainable Development. In addition to the more obvious contribution to SDG 7, which focuses on access to affordable, reliable, sustainable and modern energy for all, and to SDG 13 on climate action, renewable energy finance can also make critical contributions to several other SDGs by alleviating poverty, fighting hunger, and increasing access to health services, education and clean water.
This white paper was prepared jointly by the Clean Energy Business Council (CEBC) and the ‘SDG Climate Facility Project: Climate Action for Human Security’