The Banking Executive Magazine - September 2023 Issue

The Transition to Green Economy 400 square kilometres of it are cov- ered in forests. It provides a range of initiatives to encourage people to re- cycle their waste. THE TRANSITION TO GREEN ECONOMY IN THE ARAB WORLD The transition to a green economy necessitates a significant change in the government's priorities will be necessary. Although accepting this transition is difficult, it is essential if the Sustainable Development Goals are to be met. The transition to a green economy takes a long-term view of the econ- omy, emphasizing on how resources are used to benefit society and how efficiency and resource sufficiency can be leveraged to foster wealth, resilience, and wellbeing for present and future generations of people while staying within the ecological bounds of the planet. A green economy has inclusive and non-dis- criminatory behaviours, from envi- ronmental activities to investments in well-being. The Arab States region is critically endangered from climate risk, with the highest levels of food import de- pendency and water scarcity across the globe. The past decade saw one of the most severe drought cycles in the region for hundreds of years, ex- acerbating ecosystem fragility, dis- placement, and social vulnerability. By 2030, unless urgent actions are taken, water and food productivity could decline further. The devastating effects of climate change are not only affecting the livelihoods of the people in the Arab States, but also generating geopoliti- cal and security implications in the region, causing food and political crises. In order to tackle the multifac- eted environmental and socio-eco- nomic problems of the region, the transition to green economy is a pri- mary step. Various initiatives and efforts are un- dertaken to enable and track the transition to green economy in the Arab region: • The United Nations Development Programme (UNDP) and the Is- lamic Development Bank (ISDB) are working to develop a compre- hensive green transition facility to support the sustainable green growth of the Arab States, the Green Arab States Facility for Tran- sition (GAFT), focusing on devel- oping green transition pathways in crisis and post-conflict settings. This will integrate green solutions into reconstruction efforts across the region and address energy gaps in crisis settings and for displaced communities through a more di- versified energy mix. • The Union of Arab banks is pro- moting efforts to finance giga proj- ects including projects for the transition to green economy in the Arab region. REFERENCES United Nations, Legal and general group, Open Growth, World Re- sources Institute, UN High-Level Forum on Sustainable Development, Global Green Growth Institute, Greenly Institute, Thales Group, Dig- ital Power Group. the BANKING EXECUTIVE 28 ISSUE 177 SEPTEMBER 2023