Climate Finance Dialogue stresses private sector collaboration for green economy initiatives

AMMAN — The private sector is a key partner in fulfilling national goals related to climate change adaptation and mitigation, said Director of the Climate Change Directorate at the Ministry of Environment Bilal Shqarin. 

His remarks were made on Thursday during the Second Public-Private Dialogue on Climate Finance, organised by the Ministry of Environment, in partnership with the Global Green Growth Institute (GGGI). 

Shqarin noted that Jordan has made great efforts to implement climate-responsive projects that contribute to emissions reduction, although it only contributes to 0.06 per cent of the global total of CO2 emissions. 

He added that the goal of this dialogue session is to identify gaps and challenges faced by the private sector when it comes to investing in green economy projects, to pave the path towards building an effective roadmap for public-private partnerships in this area.

Shqarin also highlighted the importance of adopting climate-responsive policies for the sustainability of businesses in Jordan, amidst a global green transition. He explained that for example the European Union’s (EU) Carbon Border Adjustment Mechanism (CBAM) imposes tariffs linked to CO2 emissions on certain imports. 

GGGI Country Representative to Jordan Christophe Assicot stressed that GGGI is committed to working with local partners in order to enhance access to climate finance in Jordan. 

He noted that the Private Sector Roadmap, discussed during the dialogue session, aims to provide the Ministry of Environment with a mechanism for an effective engagement with the private sector on national climate action projects, leading to the approval of several private investment projects by the Green Climate Fund, within the upcoming five years. 

GGGI representatives lead an interactive discussion, overviewing the components of the roadmap with the participation of stakeholders from both public and private sectors.  

“Through a consultative and participatory approach with the government, the private sector will be able to identify opportunities to set clear targets through policy interventions and project ideas driving investments in the priority sectors,” according to GGGI. 

The areas of emphasis discussed in the roadmap include policy enhancement and implementation, climate finance, knowledge and awareness, research and development, project identification and pipeline development.