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Developing countries need $1 trillion per year in climate action funding -report
Developing countries must collaborate with investors to acquire $1 trillion (KES 121.8 trillion) annually in external financing for climate action, a report backed by the UN has revealed.
The report released ahead of climate change finance talks at the COP27 summit in Egypt, stated that financing was needed to reduce emissions, enhance resilience, deal with climate change damage, and restore the environment and land.
“The world needs a breakthrough and a new roadmap on climate finance that can mobilise the $1 trillion in external finance that will be needed by 2030 for emerging markets and developing countries other than China,” said the report, commissioned by the current and previous climate summit hosts, Egypt and Britain.
It predicted that developing countries’ overall yearly investment requirements will reach $2.4 trillion by 2030, with half coming from external financing and the remainder from domestic public and private sources.
It stated that the current investment is around $500 million. Between 2016 and 2019, African countries received only $18.3 billion in climate finance.
The private sector, both domestic and foreign, should contribute the most, while yearly flows from development banks should be tripled, according to the report. Concessional loans, which have better conditions than market loans, should also be expanded.
“Unlocking substantial climate finance is the key to solving today’s development challenges,” said Vera Songwe, one of the report’s authors.
“This means countries must have access to affordable, sustainable low-cost financing from the multilateral development banks to help crowd in investments from the private sector and philanthropy.”
The new 100-page report, Finance for Climate Action, is offered as an investment blueprint for greening the global economy swiftly enough to fulfil the Paris climate treaty targets of limiting global temperature rise to less than two degrees Celsius, and ideally to 1.5 degrees Celsius. Scientists warn that exceeding that barrier will push the Earth into an unlivable hothouse state.
On Wednesday, delegates to the Cairo Climate Summit are scheduled to focus on funding difficulties.
The report also asks on developed-country governments to increase grants and low-interest loans from $30 billion currently to $60 billion by 2025.
At the same time, the UAE and Egypt’s presidents witnessed the signing of a deal to create one of the world’s largest onshore wind projects in Egypt, according to an official announcement on the Gulf nation’s state news agency.
According to a statement by news agency WAM, a memorandum of understanding was signed between the UAE’s renewable energy firm Masdar and its joint venture with Egypt’s largest renewable energy developer Infinity and Hassan Allam Utilities.
The 10 GW farm would provide 47,790 GWh of clean energy per year and offset 23.8 million tonnes of CO2 emissions, which is around 9% of Egypt’s current CO2 emissions.
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