The National Oil and Gas Authority signs a Memorandum of Understanding with the Green Climate Fund

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H.E. Shaikh Mohammed bin Khalifa Al Khalifa, Minister of Oil, signed a memorandum of understanding (MOU) with the Green Climate Fund (GCF) on Sunday 21 October 2018 at the Ritz-Carlton Hotel. As H.E Mr. Javier Manzanares, Executive Director at GCF, signed the agreement on behalf of the GCF, in order to view the technical, institutional and financial frameworks for projects aimed at mitigating and adapting to climate change. Whereas the signing ceremony was attended by a number of officials from NOGA, nogaholding, and board members from the GCF.

This came on the sidelines of the Kingdom of Bahrain hosting the 21^st meeting of the GCF from October 16 to 20, with a broad participation of representatives of official states and relevant international organizations from various countries of the world to facilitate the access of financial resources to projects vital in the field of climate change.

H.E. the Minister of Oil expressed his great gratitude and appreciation for the great achievements in the oil and gas sector under the leadership of H.M. King Hamad bin Isa Al Khalifa, the King of the country, and H.R.H. Prince Khalifa bin Salman Al Khalifa, the Prime Minister, and H.R.H. Prince Salman bin Hamad Al Khalifa, the Crown Prince, Deputy Supreme Commander and First Deputy Prime Minister.

Moreover, H.E. expressed his deep appreciation to the leadership for their continuous support and guidance, that lead in accomplishing one of the most important long-term strategic objectives, as well as achieving the remarkable progress in this vital economic sector, and the ongoing support to find solutions in the energy, water and environmental sectors, that promotes innovation and increases the adoption of clean solutions and practices in various industrial sectors.

On the other hand, H.E. the Minister praised the strong cooperation with the GCF, which is a significant aspect of development related to addressing the phenomenon of climate change. Especially as the GCF represents an important financing mechanism for developing countries to implement sustainable development projects in the areas of adaptation and mitigation of climate change and fulfilment of their commitments to the Paris climate agreement.

In a related context, H.E. the Minister welcomed the signing of the bilateral agreement between NOGA and the GCF in the initiative to establish the investment bank in a clean energy in Bahrain, given the growing interest in issues of environmental sustainability, mitigation of climate change, conservation on resources, and sustainable development. As well as the global focus to green energy financing, which plays a vital role in increasing access to finance green or eco-friendly projects, with the aim of improving the overall standard of living and achieving social justice while reducing environmental risks and promoting environmental integrity. H.E. stressed that it will be a strong boost for renewable energy and energy efficiency sectors, which are expected to stimulate sustainable development projects in the GCC countries.

The GCF aims to encourage Member States to shift towards low-emission development pathways, and being capable of adapting to climate change. In addition, the GCF provides support to developing countries to reduce or mitigate greenhouse gas emissions and adapt to the effects of climate change.