Government representatives from across the Arab region, the United Nations, International and Regional Organizations, gathered in Bahrain, on Wednesday 7 May 2015, at a multi-stakeholder side event organized by UNEP, the Regional Office of West Asia, with technical support from the UNEP Economics & Trade Branch and the UNEP Finance Initiative.

The side event was held in the context of the Second High-Level Forum on Sustainable Development for the Arab States Region in Bahrain from 5-7 May 2015. The discussion revolved around the role of economic policy, finance and investment in driving sustainability forward in the light of Addis Ababa Conference in July 2015.

The UNEP side event aimed to demonstrate how Arab countries can identify national priorities and plan towards SDGs and create the conditions (policies and enablers) to mobilize private finance for sustainable development objectives.

UNEP/ESCWA has launched, in April 2015, an Expert Report for the Arab Sustainable Development Report entitled Financing Sustainable Development in the Arab Region. The joint paper estimates a baseline financing gap for sustainable development for the Arab countries to be between US$ 80 to US$ 85 billion per annum in 2015 and 2016. It recognizes that all possible financing sources, private and public, domestic and international sources need to be considered. The paper concludes that a concerted effort has to be exerted to successfully attain SDGs in the Arab countries. Guided by national priorities, regional and international cooperation will enhance and speed up the process of reform and result in synergies to the benefit of all.

The side event was built on the paper’s findings and recommendations by overlying expertise in green economy and sustainable finance.

A full web-story can be read here.

For more information: chiara.moroni@unep.org