IsDB: Combination of traditional and innovative financing methods needed

Scaling up nature-based solutions (NBS) in the Arab region will require a combination of both conventional (traditional) and innovative financing methods, stated Bradley Hiller, Lead Climate Change Specialist at the Islamic Development Bank's (IsDB) Sustainability and Climate Action Department, at the event "Nature-Based Solutions for Sustainable Arab Cities: From Local Action to Urban Transformation" organized within the framework of the 13th session of the World Urban Forum (WUF13) held in Baku, Report informs.

According to him, there is significant potential for greater adoption of and investment in nature-based solutions in the Arab region:

"For example, at the IsDB and other multilateral development banks, we can help mainstream NBS into core infrastructure and urban investments. So rather than treating NBS as a standalone ecological project - although there can certainly be some such projects - multilateral development banks (MDBs) can look to incorporate NBS into transport, housing, water, and municipal services portfolios. For example, this could include integrating 'green' infrastructure into urban drainage, coastal protection, and affordable housing construction.

Secondly, regarding innovative financing, in 2019 the IsDB launched its sustainable finance framework, under which it issued green and sustainability sukuk (Islamic bonds). If we look closely at the green categories of this framework, we can see that it includes opportunities for investments in sustainable water and wastewater management, pollution prevention and control, as well as environmentally sustainable management of living natural resources and land use."