UNDP Regional Director for Arab States informs ‘Maaal’ Newspaper: Arab Region Requires SAR 1.5 Trillion Investment for Climate Change

By: Fahd Al-Talal and Ahmed Al-Juhani

Abdallah Al Dardari, Assistant Secretary-General and Director of the United Nations Development Programme Regional Bureau for Arab States, has disclosed that the Arab region requires investments totaling SAR 1.5 trillion by 2030 solely to address climate-related issues. Globally, the figure stands at over 4 trillion dollars, as stated by Dr. Al-Dardari.

Al-Dardari emphasized that neglecting climate concerns could result in a staggering $34 trillion hit to the global economy by 2040.

He underscored that investing in climate action and implementing preventative measures represents a sound investment strategy. Allocating four trillion dollars towards this cause could avert the aforementioned loss.

Al-Dardari elucidated that the focus of current discussions lies in devising suitable mechanisms, programs, and financial instruments tailored to address climate change.

He noted the ample financial resources available, citing the $500 trillion present in global financial markets, awaiting deployment towards climate initiatives pending the establishment of requisite frameworks and governance structures.

Amid criticism leveled at the United Nations for purportedly handling climate issues unfairly, particularly concerning the need for developing and emerging nations to access the same opportunities as their developed counterparts regarding carbon emissions, Al-Dardari affirmed the validity of these concerns within a historical context.

He emphasized the necessity to craft climate-focused development programs not as inhibitors but as catalysts for economic growth. Rejecting blanket directives such as halting oil production for countries like Saudi Arabia, he highlighted the kingdom’s substantial efforts in energy enhancement and consumption improvement as pivotal steps toward effective climate management.

Al-Dardari iterated the UNDP’s commitment to supporting nations in navigating this critical issue by exploring how climate management strategies could spur growth, create employment opportunities, and foster innovation in the Arab world.

Furthermore, he revealed ongoing discussions between the United Nations Development Program and the Islamic Development Bank aimed at establishing green financing mechanisms in the region.

These discussions include plans to integrate these mechanisms with existing financing programs, leveraging substantial progress already achieved in this domain.