The Minister of Planning: Developing countries need up to 340 billion dollars annually

Today, Dr. Hala Al-Saeed participated in a session entitled “Investment and Financing for Accelerating Sustainable Development in the Net Zero Emissions Scenario”, which was held within the activities of the Conference of the Parties to the United Nations Framework Convention on Climate Change COP27, which was held in Sharm El-Sheikh from 7-18 November, in the presence of a number of heads of state. Countries of the world, and a wide international participation in the presence of more than 40 thousand people representing about 190 countries, and dozens of international and regional organizations.

During her speech at the session, Dr. Hala Al-Saeed said that COP27 provides one unique opportunity for all stakeholders to face challenges, and move quickly from the stage of thinking and undertaking to solutions to implementation, noting the risks caused by climate change, and the constraints facing countries to confront climate change, which comes from the most important issue of financing. .

Al-Saeed added that we need investments of at least $4-6 trillion by 2030 to meet the challenge of climate change, and Africa will need $250 billion annually, between 2020 and 2030, to implement its NDCs.

With regard to climate adaptation efforts, Al-Saeed explained that developing countries need up to $340 billion annually by 2030 to adapt to climate change, noting that climate adaptation funding for developing countries amounted to $29 billion in 2020, increasing by 4 percent. Only 5% compared to the previous year, which is insufficient to fund adaptation measures in those countries, which will hamper their ability to achieve development goals.

The Minister of Planning emphasized that green bonds, sukuk, and concession loans; They are reasonable mechanisms for financing, but they still add to debt levels and limit the ability of decision makers to raise ambition and speed up implementation, explaining that there is an urgent need for innovative financing mechanisms and investments, stressing the role of the private sector in this regard, as the partnership with the private sector It is an effective and innovative tool in financing climate related projects.

Al-Saeed referred to Egypt’s Sovereign Fund, which is a successful model for partnership with the private sector, noting the fund’s contribution to efforts towards increasing the scope of renewable energy production in Egypt, allowing it to become a leader in a number of areas such as water desalination and the export of green ammonia and methanol.

Dr. Hala Al-Saeed stressed that addressing the impact of climate change must take place through an integrated approach that ensures harmony between the global environmental agenda, whether in biodiversity, climate change or combating desertification, and the broader context of achieving sustainable development and poverty eradication, taking into account the right to development of countries. developing countries, noting that African countries, along with all developing countries, have the right to consume energy and thus achieve economic activity, as Africa is home to the largest number of people who fall into the framework of multidimensional poverty and about 600 million Africans live without electricity, which limits the The ability of the population to access information, education, health and legal services, stressing the importance of discussing climate action for developing countries in view of their needs and the chronic burdens that these countries deal with.

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