There are several innovative climate/SDGs financing instruments that are adopted in different countries globally. Member States require a better understanding of these instruments, so they are prepared to access them, which enhances fiscal space toward addressing the triple crisis faced by the countries.

This inter-regional project, jointly implemented between UN ESCWA, UN ECA and UN ECLAC, aims to enhance the capacity of policymakers in selected Member States to access innovative financing instruments for climate action and sustainable development in response to the triple crisis of food, energy, and finance in Arab States, Africa and Latin America and the Caribbean.

The project focuses on: (a) developing the capacity of selected countries to establish Key Performance Indicators (KPI) framework for project selection, monitoring and reporting, aligned to priority development areas as determined in Nationally Determined Contributions (NDCs) and other development plan documents, which supports issuance of innovative financing instruments; (b) building national capacity for developing Climate/SDGs Debt Swap Programmes; (c) improving national capacity on preparedness for structuring other sustainability-linked debt financing instruments; and (d) strengthening national capacity to catalyze private finance with identification of projects and to engage with international partners for the targeted deployment of appropriate credit enhancements to improve the overall access to affordable finance and crowd in the private sector.

The use of an inter-regional approach contributes to sharing of knowledge and expertise, developing standardized guides/toolkits, building partnerships with diverse stakeholders, and it helps improving impact and effectiveness of the project by leveraging the collective strengths and experiences of multiple Member States across regions.