Chapter 3 | TRACKING CLIMATE FINANCE
Regional Distribution of Climate Finance
REGIONAL DEFINITIONS
MENA, Europe and Central Asia (MEC) This region includes the Middle East and North Africa (MENA) countries as well as countries in Europe and Central Asia. Work focuses on projects in countries such as Jordan, Kyrgyz Republic, Kosovo, Armenia and Uzbekistan. Sub-Saharan Africa This region encompasses all countries in Africa except for North Africa. It includes Eastern and Southern Africa (ESA) and Western and Central Africa (WCA). Countries in this region that were partner countries include Malawi, Liberia, Senegal, Burundi, Tanzania and Zimbabwe. 55.25 percent in 2023 (Table 16b). The Asia and Pacific (ASP) region saw a significant spike in 2022, reaching 50 percent, but dropped to 19.2 percent in 2023. Sub-Saharan Africa also showed notable improvement, increasing from 11.77 percent in 2018-2021 to 23.19 percent in 2022 and then to 31.49 percent in 2023. Overall, the LAC region showed the most significant growth, achieving the highest climate finance percentage by 2023 (Table 16b). The climate finance performance in LAC can be attributed to climate-related PBLs.
To provide clarity on the regional classifications used in this report, below are the OPEC Fund definitions for each region: Asia and the Pacific (ASP) This region includes all countries in Asia except for Central Asia and Asian Middle East countries. It also includes the Pacific Island Countries. Work focuses on projects in countries such as Bangladesh, India, Nepal and Pacific nations. Latin America and the Caribbean (LAC) This region includes countries in Latin America and the Caribbean. From 2018-2023 our partner countries in that region, including among others, Colombia, Nicaragua, Panama and the island nations of the Caribbean. Climate finance as percentage of total regional allocation is displayed in Tables 16a and 16b. From 2018 to 2023, the Middle East and Central Asia (MEC) consistently increased its share of climate financing, starting at 20.23 percent in the period 2018-2021 (Table 16b). This region increased to 28.02 percent in 2022, and again to 34.93 percent in 2023. The Latin America and Caribbean (LAC) region showed re- markable growth with climate finance increasing from 21.72 percent in 2018-2021 to 43.93 percent in 2022 and further to
Chart 6: Regional Distribution of Climate Finance, 2018-2023
180 160 140 120 100
80 60 40 20 0
ASP
LAC
MEC
Sub-Saharan Africa
2018 2019 2020 2021
2022 2023
Source: OPEC Fund climate finance reports 2018-21, 2022 and 2023 | See also Annex 7.3, Table 16a
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