Dr.
Mahmoud Mohy El-Din emphasised the need to distinguish between adaptation, losses, and damages resulting from climate changes, where each file must be addressed in the form of a different form, especially since the adaptation file is still open. Mahmoud Mohy El-Din is the climate pioneer of the Egyptian presidency of the Conference of the United Nations Convention on Climate Change “COP27” and the United Nations Special Envoy concerned with financing the 2030 agenda for sustainable development.
This came during his virtual participation in the session organized by the United Nations Development and Trade Conference on financing the global adjustment challenge with the participation of many specialists and representatives of the relevant international organizations.
Muhyiddin emphasised the significance of adjusting to growing market economies, namely Africa. According to a report released by the Climate Policy Initiative, Africa requires $ 2.
8 trillion between 2020 and 2030, or 277 billion dollars a year on average.
In this regard, Mohieldin explained that Africa at the present time gets approximately 29. 5 billion dollars annually, including $ 14. 6 billion to mitigate, and about $ 11. 4 billion for adaptation, stressing the need to double the amount allocated to adapting about 6 times to accrue 62 billion dollars.
In light of the fact that some nations are more vulnerable than others and must spend at least 20% of their gross domestic product, Muhyiddin pointed out that financing for climate change is dependent on state budgets, both directly through the mobilisation of local resources and indirectly through borrowing.
According to Mohieldin, 97% of adaptation financing in Africa comes from public sources, and only 3% come from the private sector.
In his final remarks, Mohiuddin emphasised the necessity of renewing or increasing capital for multilateral development banks as well as the resources of the Green Fund for the climate, which must consider how to finance future needs, particularly in terms of technical assistance and capacity development.
Mohiuddin: By 2030, Africa will require $2.8 trillion.
About Author
