Developing countries receive 6 percent of pledged climate finance: FM Shoukry

MENA , Ahram Online , Wednesday 5 Oct 2022

Egypt's Foreign Minister Sameh Shoukry, who is the president-designate of the 27th UN Conference on Climate Change (COP27), said that developing countries receive only 6 percent of the total funding dispensed by the developed world to combat climate change.

Sameh Shoukry
Egypt s Foreign Minister Sameh Shoukry speaks during a hosted forum on countries most affected by climate change in a Kinshasa on Tuesday 4 October, 2022. Photo courtesy of Egyptian Foreign ministry Facebook page.


The Egyptian foreign minister added that the bulk of this funding comes in the form of loans that actually exacerbate the burdens on developing countries despite their nearly non-existent responsibility for factors that caused climate change in the first place

Shoukry made these remarks during a forum on countries most affected by climate change that was organised under the chairmanship of Ghana on the sidelines the the first preparatory meeting for the 2022 climate change conference (pre-COP27 meetings) in Kinshasa.

The president-designate of the COP27, which will be hosted by Egypt in Sharm El-Sheikh 6-18 November, also noted the majority of funds pledged to combat counter climate change are directed to emission reduction, while small amounts are allocated to climate mitigation, adaptation and resilience, and loss and damage.

In 2009, developed countries had pledged to allocate $100 billion per year by 2020 to assist developing countries in tackling the climate crisis – a pledge that has not been fulfilled.

Shoukry also urged developed countries to fulfill the pledges they made to implement climate adaptation programs to combat climate change that were made at the COP26 in Glasgow last year, according to a statement released by Ahmed Abu Zeid, the foreign ministry spokesperson.

He also called for addressing current imbalances in financing to ensure emissions reduction, food and water security, and fairness in financing and setting of requirements for a transition into clean energy, Abu-Zeid added.

Shoukry also called on all parties to update their nationally determined contributions (NDCs) -- a document detailing each nation's commitments to emission targets – per the Paris Agreement. This would allow participants in the COP27 to formulate a stronger approach to climate mitigation at the event, he explained.

Egypt, the host of the COP27 conference, has recently updated its own NDCs to reflect the measures it plans to implement towards climate adaptation.

Shoukry also stressed the need to reach a global consensus on initiative to tackle issues of loss and damage. These initiatives should cover food security, water security, provision of a decent life in Africa, waste management, and a just energy transition, he urged.

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