Metric loss

Egyptian climate champion calls for new metric on climate finance

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CAIRO, Sept 12 (Reuters) – Developing countries’ climate finance needs are set to start being reframed at the UN climate summit in November, to go beyond the outdated $100 billion – and unreached – which rich countries pledged to provide each year, the UN has declared Egypt’s top-level climate champion.

With food and energy inflation already fueled by climate concerns and the war in Ukraine, the world must provide more finance to help developing countries with their energy transition and their ability to adapt to climate challenges such as drought. or sea level rise, said Mahmoud Mohieldin.

“The climate finance architecture is inefficient, insufficient and unfair,” Mohieldin said in an interview, noting that the $100 billion pledge made in 2009 will expire in 2025. To date, it has only been partially met. achieved.

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Mohieldin said the financing gap could be closed through measures to mobilize private sector finance, reduce the debt of poor countries, expand highly concessional multilateral financing and create tailor-made carbon markets in Africa.

He said countries were also working to change the perception that climate-related investments in developing countries were too risky by building a pipeline of viable climate projects that could be showcased at the November summit.

Currently 33 projects including 19 from Africa have been identified, he said.

He also said he hoped the “loss and damage” agenda would be discussed at the COP27 summit that Egypt will host in Sharm el-Sheikh in November. This effort calls for the creation of a separate fund to compensate developing countries for damages already suffered during climate disasters, such as extreme floods.

Vulnerable countries have long sought funding for these costs, but wealthy countries have resisted moves that could legally assign liability or lead to compensation.

Many questions remain unanswered, including where the funds would come from and how they would be disbursed. Read more

“Certainly it takes more than just a quick reference, especially as some advanced economies are saying, well, it’s there, but let’s deal with it as part of the adaptation portfolio,” he said. .

Visiting Pakistan last week following devastating floods, UN Secretary-General Antionio Guterres urged governments to treat loss and damage at COP27 “with the seriousness they deserve”.

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Editing by Katy Daigle and David Evans

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