The United Nations Development Program (UNDP) and the Ministry of Environment (MoE), in partnership with Cedar Oxygen SAS, announced the launch of the Lebanon Green Investment Facility (LGIF), a financing tool that aims to accelerate climate mitigation and  adaptation efforts across Lebanon.  The UNDP indicated that the facility would support the Lebanese government's efforts towards meeting its international commitments  under the Paris Agreement, which include a 20% unconditional reduction in greenhouse gas emissions by 2030. It pointed out that the  LGIF consists of a private investment impact fund based on a blended finance strategy that seeks support from development finance institutions, private investors, endowments, and aid agencies. It said that the facility would also provide technical support to accelerate climate action and investments targeted towards achieving Lebanon's commitments under the Paris Agreement. It noted that the LGIF aims to support a wide range of climate projects such as renewable energy, sustainable agriculture, water conservation, and climate-smart infrastructure, among others.  Further, it said that the LGIF, which is established within the framework of UNDP's Climate Promise 2.0, is funded by the German government and is the first of its kind in the Arab region. It noted that it originates from the strategy set out at COP28, which aims to ensure  that every country can mobilize the necessary financing to achieve its pledge under the Paris Agreement and make significant progress  on implementing the Sustainable Development Goals. The UNDP said that it would provide technical support and advisory services in  the form of climate and SDG impact assessments, with tailored metrics to manage social and environmental impacts of the LGIF. It indicated that the facility is dedicated to help the Lebanese private sector access capital in line with the Climate Paris Agreement.  Established in Luxembourg in August 2020, Cedar Oxygen is a platform that aims to extend trade finance facilities to Lebanese industrialfirms. (ICE BEIRUT)

Fonte notizia: Byblos Bank, February 19-24, 2024