Caretaker Minister of Environment, Nasser Yassin, disclosed Saturday that the establishment of a green investment facility for Lebanon was announced during the Dubai Climate Conference.
He indicated that Lebanon’s Environment Ministry has been working on this facility in cooperation with the United Nations Development Program and partners over the past year, with the aim of encouraging and attracting green investments and those related to climate action.
Yassin added in a statement: ‘The facility will be independent in cooperation with the Economic Empowerment Fund in Lebanon and registered in Europe to ensure European financial standards and those related to governance and transparency.’
He explained that this facility will ‘work to increase investments in climate-friendly projects such as renewable energy, sustainable transportation, solid waste management, agriculture and irrigation, through directing private investments and strengthening blended finance mechanisms such as soft loans, guarantees and gr
ants provided by international financial institutions, development banks and climate finance funds.’
Finally, Yassin considered that ‘the establishment of this facility constitutes the beginning of the transition towards a green economy and towards less polluting sectors.’
Source: National News Agency – Lebanon