This series of short, introductory briefings are designed for readers new to the debate on global climate change financing. In light of the fast pace of developments in climate finance, the briefs provide a better understanding of the quantity and quality of financial flows going to developing countries.
Climate finance from the multilateral climate funds in the Middle East and North Africa (MENA) region is largely concentrated in a small number of large projects in the form of loans or concessional loans, funded by the Clean Technology Fund (CTF). The total amount of finance approved is USD 1.5 billion for 96 projects. This money largely goes towards mitigation efforts despite pressing adaptation needs in the region, especially for water conservation and food security measures. Of the total funding approved for the region, USD 452 million is in the form of grants.
These grants support the majority of the projects approved. Over USD 1,002 million is provided in the form of loans or concessional loans for just a few large-scale energy infrastructure projects approved by the CTF. The top two recipients, Morocco and Egypt, respectively receive 54% and 27% of total approved climate finance in the region, while seven of the countries in the region receive no climate finance from the funds monitored by CFU. Approved finance grew by USD 114 million in the past year.