Arab Coordination Group pledges $10 billion to drive global transition to renewable energy sources

At COP28, the Arab Coordination Group (ACG) unveiled a substantial allocation of $10 billion until 2030, marking a significant push for a comprehensive and affordable transition to renewable energy in developing nations. This commitment, integrated into a strategic plan featuring seven key points, aligns with the ACG’s prior pledge of $24 billion.

The strategic plan outlines measures such as mobilizing financial resources through green bonds and blended finance, fostering innovation in energy efficiency and storage, ensuring universal access to clean energy, enhancing resilience to climate change, promoting cooperation and knowledge sharing, improving workforce skills in the clean energy sector, and rigorous progress monitoring.

This initiative comes amidst global efforts at COP28 to reduce carbon emissions, addressing the aftermath of a year marked by severe climate events and aligns with the ongoing United Nations Conference on Climate Change’s emphasis on increased climate financing and an accelerated transition.

The ACG’s commitment builds upon its 2022 actions, allocating around $15.7 billion to nearly 500 financing operations across 80 countries, with a significant focus on addressing challenges like food insecurity and climate change.