Developing countries need $140-300 bn in climate finance by 2030: COP27 ministerial coordinator

MENA , Sunday 13 Nov 2022

Environment Minister Yasmine Fouad said Sunday developing countries need between 140 and 300 billion dollars in climate finance until 2030, while double that sum – between 280 and 500 billion dollars, would be needed until 2050.

Yasmine Fouad
(Photo courtesy of Egyptian Cabinet)

In statements to MENA, Fouad, who is also the ministerial coordinator and envoy for COP27, said the 100-billion-dollar adaptation assistance from developed countries to developing nations is yet to be honoured, noting, however, that it would not be enough to solve the problem.

The 27th session of the United Nations Climate Conference is currently taking place in the Egyptain Red Sea city of Sharm El-Sheikh, with broad participations of heads of state and governments and representatives from various regional and international organizations.

Minister Fouad said the international climate summit has so far reflected a “different” image of Egypt and its ability to organize such big world events.

The conference in the Egyptian Red Sea resort city has played a role in encouraging travel to Egypt, with thousands taking part in the big event, Fouad said in statements to MENA on the sidelines of the international climate summit.

She talked about how Sharm el Sheikh turned into a green city with many projects to be implemented, thus securing future jobs for youth in the coming stage.

She noted that pavilions organized in the blue and green zones of the Sharm El-Sheikh conference are double the number organized during previous gatherings since 2015.

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