Econostrum | Economic News in the Mediterranean



The UfM gives priority to financing climate actions in the South and East Mediterranean

The climate at the heart of the UfM's concerns (photo: UfM)
The climate at the heart of the UfM's concerns (photo: UfM)
MEDITERRANEAN. On the occasion of the Mediterranean Climate Week it is organising online because of Covid-19, the Union for the Mediterranean (UfM) and its forty-three member countries declared climate financing a priority for the southern and eastern Mediterranean region, which represents 4.1% of the world's population.

The countries of the region already attract 9% of international public climate finance commitments each year ($695bn - €608bn - in 2018), the UfM says. Multilateral development banks accounted for 64% of these flows. The main beneficiaries were Morocco, Turkey and Egypt in 2018 with $43bn (€38bn) and Algeria and Montenegro with respectively $56m (€49m) and $36m (€31m). "Renewable energy production (wind farms, solar panels, etc...) accounted for 15% of total commitments, mainly financed by Germany and the European Bank for Reconstruction and Development (EBRD), while water and sanitation received €971m, mainly financed by Germany and EU institutions," the UfM says.


The institution, whose secretariat is based in Barcelona, says that "according to current forecasts, per capita energy demand in southern and eastern Mediterranean countries is expected to increase by 60% by 2040". The Paris Accords provided for a maximum temperature increase of 1.5°. A limit already exceeded in this region. Recent work by the MedEc network (Mediterranean experts on climate and environmental change - 600 scientists from 35 countries) reveals that, in the Mediterranean region, global warming is increasing 20% faster than the world average. They predict that the temperature will be 2.2° higher if current policies are maintained.

"The Mediterranean has its own climate identity and its own challenges. Today it is warming faster than the global average and we cannot miss such a historic opportunity to build a strong Mediterranean strategy. The UfM's climate financing strategy helps to highlight the scope for increasing international public and private financial flows for the climate and how to optimise their mobilisation," comments Grammenos Mastrojeni, Deputy Secretary General of the UfM.


Frédéric Dubessy

Wednesday, July 15th 2020

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