Air pollution is about $ 141 billion annually in the Middle East and North Africa, or economic output, according to a World Bank report that encouraged countries to reform fossil fuel subsidies, provide cleaner transportation, and create markets for emissions. It costs 2% of the cost.
The findings could lead to increased interest in green and sustainable fixed income and loans in the region. Borrowers can often reduce costs through green bonds used to fund projects to reduce emissions.
The largest city in the Middle East is one of the most polluted cities in the world, with the average city population inhaling more than 10 times the levels of pollutants considered safe by the World Health Organization. The bank said on Monday.
Air pollution kills about 270,000 people annually. The average resident of the region also throws away more than 6 kilograms of plastic each year, the highest level in the world, leading to economic loss equivalent to about 0.8% of total GDP.
“As countries recover from Covid-19, they have the opportunity to change course, choose less emissions, less environmental degradation, more environmentally friendly, bluer and more sustainable growth paths,” the world said. Ferid Belhaj, Vice President of Regional Affairs for the Bank, said. In the report.
Some of the largest economies in the Middle East have sought to be more consistent with global environmental standards and prepare for life after fossil fuels. Saudi Arabia, the world’s largest oil exporter, has promised to set up a multi-billion dollar fund to end global warming emissions and improve carbon sequestration by 2060. The United Arab Emirates and Bahrain have set their goals.
Green debt issuance gained momentum in 2021 and investors gained bonds sold by local state-owned enterprises such as Egypt, the Islamic Development Bank, the Qatar National Bank and the Saudi Electricity Company. While Qatar plans to sell such debt.
In July, Saudi Electric Power borrowed $ 500 million through a green facility funded and guaranteed by the Japan Bank for International Cooperation. The 12-year facility will be used to finance transmission and distribution projects related to renewable energy interconnection, energy efficiency and system reliability.
https://gulfbusiness.com/air-pollution-costs-wider-mideast-141bn-world-bank-says/ According to the World Bank, air pollution will cost the wider $ 141 billion in the Middle East.