Global inflation and consecutive economic repercussions have made it more difficult for many countries to meet their development needs, Al-Mashat said, referencing the absence of justice in climate and development financing both regionally and internationally.

The African continent receives less than five percent of climate financing, she affirmed, adding that East Asia and the Pacific, Western Europe and North America receive 75 percent of climate financing in comparison.

This is an imbalance since Africa contributes the least to harmful emissions, she continued.

On the other hand, she pointed to how development cooperation played an active role in financing development and climate action agenda in developing countries, citing a 13.6 percent increase in 2022 in comparison to 2021.

Al-Mashat further emphasized the importance of motivating private sector investment to bridge the financing gap and support developing countries.

Development cooperation targets improving the economic, social and environmental conditions in developing countries. It includes enhancing capacity building and achieving human development, and providing basic services such as education, health, water and sanitation.

The global action forum conference aims to probe mechanisms to implement China’s global development initiative established in 2021 that targets redirecting global development towards a new phase of balance and comprehensive coordination.

The initiative also aspires, through multilateral cooperation, to boost global development efforts to overcome shocks facing different countries and accelerate the implementation of the 2030 Agenda for Sustainable Development.