Today, Friday, the Minister of Environment in the caretaker government, Nasser Yassin, signed a memorandum of cooperation between the Ministry of Environment, the "United Nations Development Programme" represented by acting resident representative Mohammed Saleh, and the "Cedar Oxygen" company represented by General Director Anthony Jabbour. This signing coincides with the launch of the "Green Investment Facility for Lebanon," which will focus on fulfilling Lebanon's climate commitments, particularly those outlined in the "Paris Agreement," by facilitating investments in renewable energy, sustainable agriculture, water conservation, climate-smart infrastructure, among other efforts to mitigate and adapt to the impacts of climate change throughout Lebanon.
The launch event included presentations about the facility's objectives and areas of work, highlighting its role in promoting innovative solutions led by the Ministry of Environment to combat climate change in Lebanon. Minister Yassin described the signing of the cooperation memorandum to activate the Green Investment Facility for Lebanon as an "important step," stating, "The facility will contribute to financing private sector projects that commit to reducing emissions and transitioning to a low-carbon economy, as well as adapting to climate changes, such as renewable energy, sustainable agriculture, water conservation, climate-smart infrastructure, and other projects."
The facility has been registered in Luxembourg to ensure its independence and adherence to international investment standards. Yassin emphasized that "the Ministry of Environment, as the authorized entity to coordinate with climate change funds in Lebanon, including the Green Climate Fund, the Adaptation Fund, and the Global Environment Facility, seeks to leverage climate financing opportunities and green financing to stimulate green investments and open up job opportunities while encouraging innovation. Therefore, empowering the Lebanese private sector through the initiatives that the facility will help finance will be an essential part of the transition to a productive economy," noting that "projects currently submitted valued at $50 million will be reviewed by the facility and will contribute to its financing efforts while aiming to increase the investment portfolio."
