A sum of 2.4 trillion dollars per year, this is the amount that developing countries (excluding China) need to finance their climate action by the 2030 deadline, according to an expert report made public on Tuesday. November 8, on the third day of the 27th international climate conference taking place in Sharm El Sheikh in Egypt.
The report, commissioned by the Egyptian Presidency of COP27 and the UK Presidency of the previous COP, explains that these investments will be used to “reduce emissions, build resilience, address loss and damage caused by climate change and restore land. and nature”.
Less than half of the sum, i.e. 1,000 billion dollars should be provided by external financing (investors, developed countries and multilateral institutions) and the rest (1,400 billion dollars) will be provided by domestic financing in the countries concerned, private or public.
The countries of the South are the least responsible for greenhouse gas emissions that cause global warming, yet they are among the first to suffer greatly from their harmful consequences. Also, rich countries have still not honored their commitments to help countries in need.
It is a first that the question of financing the damage already caused by global warming is debated during the summit. However, it should not be expected that this meeting will lead to a decision, given that the related discussions have been proposed by 2024.
By OMA Newsletter N° 929 of 08/11/2022
Article published under the direction of Dr. Najib Kettani
The OMA, NGO with an Intercontinental vocation
For the development of cultural exchanges
Valuing human potential
The promotion and consolidation of Africa’s development, and
Inter-African integration
