More than 20 countries announced during the Climate Conference (COP 27) held in Egypt to pump billions of dollars into smart and environmentally friendly projects, in an attempt to reduce the repercussions of climate warming. Additionally, the “AAM” initiative, which was started by the UAE and the US, announced on Friday that climate partners would be doubling their investments.
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“With the support of more than 275 governmental and non -governmental partners, AIM announced an increase in investment by more than 8 billion dollars,” compared to four billion dollars in a cup 26.
According to the statement, more than 20 nations contributed $7 billion of the announced investments, including the American and Emirati parties as well as Britain, Australia, Canada, Japan, Sweden, and the European Commission. The remaining funds were given by parties competing in an innovation competition.
A statement released on Saturday from the Coep 27 presidency stated that the package represents “part of the American emergency plan for adaptation and flexibility” and that the American administration doubled its contribution to the adaptation fund to $100 million dollars. Egypt and the United States also launched a support package of more than $ 150 million to “strengthen adaptation procedures in Africa.”
The “Adaptation in Africa” initiative was announced in June by both Egyptian President Abdel Fattah El-Sisi and his American counterpart, Joe Biden. Both leaders stated that the initiative “has the potential to achieve benefits ranging between 4 and 10 dollars in exchange for every dollar that is invested.”
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For its part, the Egyptian Ministry of International Cooperation announced in a statement on Saturday that the Climate Investment Funds Corporation (CIF) “The start of the implementation of its initiative on nature and climate investments in Egypt and a number of other emerging countries, which amount to about 350 million dollars.
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The official agenda for the climate conference, which was unanimously approved on Sunday at the conference’s opening, included the topic of “losses and damages” brought on by climate change for the first time.
The need for this unique mechanism to compensate wealthy nations for harm done to emerging and developing nations as a result of natural disasters brought on by climate change arose because wealthy nations did not live up to their commitments to increase their aid to developing nations beginning in 2020 to a level of $100 billion per year in order to help them cut emissions and get ready for the effects of global warming.
Cope 27: Billions of dollars in contributions from roughly 20 nations
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