- August 1, 2022
- Posted by: farahas
- Category: Press

Global challenges and multilateral support
Beirut, Lebanon
On the twenty-fourth of March 2022, at the Kempinski Summerland Hotel Beirut,
a participatory national dialogue meeting was held on climate finance, between
the private sector and decision-makers in the public sector, under the title ” First
National Private Sector on Climate Finance: Checking the Pulse, corporations and
Climate Change”, in the presence of H.E the Minister of Environment, Dr. Nasser
Yassin, and the President of the Economic and Social Council, Mr. Charles Arbid.
The event was held with the support of the Green Climate Fund, the South Center
and Capital Concept. The discussions addressed the role of the private sector in
improving Lebanon’s access to private financing from the Green Climate Fund
(GCF), which is the most important source of financing for climate-related projects
in developing countries, to enable them to meet the climate goals set in the Paris
Climate Agreement in 2015.
Representatives of foreign and local bodies and institutions participated in this
dialogue and made valuable interventions during the meeting, namely: the
International Finance Corporation in the Middle East and North Africa, the United
Nations Development Program (UNDP), the US Agency for International
Development (USAID), the United Nations Global Compact Network Lebanon, the
EuroMena Funds, Bank Audi, Berytech, and the Cedar Oxygen Fund. In addition to
local banking authorities, civil society organizations and representatives of the
private and public sectors. The dialogue was designed in collaboration with Mr.
Yasser Akkaoui, Chairman of Capital Concept Company, who also moderated the
panel discussions.
This event puts climate-smart private sector activities at the center of investment
options and business growth opportunities, and outlines the changes taking place
in the global business model in response to climate change. Furthermore, it
prepares the Lebanese private sector for a better adaptation to climate changes
and to what it should expect as a local and global player.
Challenges vs. solutions
The agenda brought up the issue of corporate sustainability, which has become
vital to staying in the global investment trend, as climate-smart activities are at
the heart of investment decisions and business growth opportunities. It
highlighted how the global business model has shifted in the context of climate
change, and the role of the Lebanese private sector as an actor in the local
economy and in a globalized world.
Tools and pathways to building long-term financial resilience have also been
identified. Tools and options available to Lebanese companies were advocated to
adapt to the inevitable changes in business practice and maintain a competitive
advantage in light of climate change. The participants discussed also ways to
obtain support from international funds and networks to integrate sustainability
and build green models in business strategies.
With regard to private climate investments in Lebanon, the participants focused
on knowing the extent to which Lebanese private companies are interested in
climate finance and the desire of investors to diversify and prepare their
investment portfolios. While discussing the reality of green investments in
Lebanon, the attendees revealed the main concerns of the private sector and
ways to move towards green recovery.
In his opening speech, Dr. Nasser Yassin, the Minister of Environment stated: “The
annual investment needs are estimated at billions of dollars. Therefore, climate
projects should be financed by both the international and local communities,
including the private sector. We have a great opportunity to benefit from the
prospects of climate finance. The Green Climate Fund offers a paradigm shift
towards low-carbon and climate-resilient development”.
“Climate-related investment opportunities are designed to outperform
conventional investments: not only by reaping profitable long-term returns but
also by improving the entities’ standing and reputation at the global level, thus
encouraging the influx of foreign direct investment into the country”, Dr. Yassin
added.
“Very soon, the green economy will be the only efficient and productive model.
Every company owner must now look at the future of his business in the light of
this fact”, said Mr. Charles Arbid, President of the Economic and Social Council.
Climate goals for Lebanon
The Ministry of Environment is the Nationally Designated Authority (NDA) to
coordinate with the Green Climate Fund (GCF) and acts as the interface between
Lebanon and GCF. The MoE is therefore mandated to communicate with local
stakeholders in order to establish a country programme for investment priorities
in projects related to the environment and development, through organized
discussions in order to achieve the following objectives:
– Mitigating climate change emissions, through the adoption of renewable
energy solutions, energy efficiency measures, sustainable public transport
policies and agricultural practices.
– Adapting to the impact of climate change by enhancing the resilience of the
agricultural sector, promoting the sustainable use of natural resources,
restoring degraded landscape, increasing forest covers, developing
sustainable water services that includes irrigation systems, in addition to
managing land and marine biodiversity, ecosystem’s preservation and
reduction of extreme climate impact in coastal areas and cities, ensuring
overall health and safety through a climate-smart health system, as well as
mitigating disaster risks and damages, ensuring food security and
integrating green solutions.
Green Projects Financing Tools
The Green Climate Fund supports the private sector through various tools such as
credit facilities to financial institutions, equity investments, long-term low-interest
loans, grants and de-risking tools and guarantees.
In light of the economic crisis in the country, obtaining financing for climate
projects through the entities accredited by the Green Climate Fund, such as
multilateral development banks, represents a unique opportunity for private
companies to create innovative job opportunities that will help revitalize the
economy and build a sustainable future.
Climate finance supports efforts to rebuild Lebanon on more solid foundations.
This is a unique opportunity to invest in the future through affordable energy,
energy-efficient housing, sustainable farming systems, and clean transportation
systems to avoid congestion and air pollution. Investing now in climate-resilient
infrastructure contributes to a prosperous tomorrow.
What is the Green Climate Fund?
The Green Climate Fund was established by the United Nations Framework
Convention on Climate Change (UNFCC) in 2010. This multilateral fund provides
financing for climate projects to developing countries in order to support them in
achieving their climate change goals under the Paris Agreement.
The goal of the Green Climate Fund is to achieve a paradigm shift towards
low-carbon and climate-resilient development in developing countries. The larger
the project, the greater the transformative potential, and thus the chances of
obtaining financing from the Green Climate Fund.
The role of the Ministry of Environment
The Ministry of Environment, as an interface between Lebanon and the Green
Climate Fund, plays a key role in supporting green investments in Lebanon to help
the country transition to a low-emissions economy, resilient to climate change,
through close partnership with the business sector and relevant authorities
- Mitigating climate change emissions, through the adoption of renewable
energy solutions, energy efficiency measures, sustainable public transport
policies and agricultural practices. - Adapting to the impact of climate change by enhancing the resilience of the
agricultural sector, promoting the sustainable use of natural resources,
restoring degraded landscape, increasing forest covers, developing
sustainable water services that includes irrigation systems, in addition to
managing land and marine biodiversity, ecosystem’s preservation and
reduction of extreme climate impact in coastal areas and cities, ensuring
overall health and safety through a climate-smart health system, as well as
mitigating disaster risks and damages, ensuring food security and
integrating green solutions.
Green Projects Financing Tools
The Green Climate Fund supports the private sector through various tools such as
credit facilities to financial institutions, equity investments, long-term low-interest
loans, grants and de-risking tools and guarantees.
In light of the economic crisis in the country, obtaining financing for climate
projects through the entities accredited by the Green Climate Fund, such as
multilateral development banks, represents a unique opportunity for private
companies to create innovative job opportunities that will help revitalize the
economy and build a sustainable future.
Climate finance supports efforts to rebuild Lebanon on more solid foundations.
This is a unique opportunity to invest in the future through affordable energy,
energy-efficient housing, sustainable farming systems, and clean transportation
systems to avoid congestion and air pollution. Investing now in climate-resilient
infrastructure contributes to a prosperous tomorrow.
What is the Green Climate Fund?
The Green Climate Fund was established by the United Nations Framework
Convention on Climate Change (UNFCC) in 2010. This multilateral fund provides
financing for climate projects to developing countries in order to support them in
achieving their climate change goals under the Paris Agreement.
The goal of the Green Climate Fund is to achieve a paradigm shift towards
low-carbon and climate-resilient development in developing countries. The larger
the project, the greater the transformative potential, and thus the chances of
obtaining financing from the Green Climate Fund.
The role of the Ministry of Environment
The Ministry of Environment, as an interface between Lebanon and the Green
Climate Fund, plays a key role in supporting green investments in Lebanon to help
the country transition to a low-emissions economy, resilient to climate change,
through close partnership with the business sector and relevant authorities