Next COP Host Egypt Sees Finance Key to Sustain Climate Momentum
(Bloomberg) -- Nations need to focus on effective climate financing for the developing world to maintain momentum after the Glasgow talks, according to Egypt, host of the next global summit.
“In order to move forward and achieve the targets we need the fuel, and that fuel is the money,” Egypt’s Minister for International Cooperation, Rania Al-Mashat, told the Bloomberg New Economy Forum in Singapore.
Efforts are needed not only to ensure developing nations receive promised finance, but that it’s used effectively and supported by efforts to de-risk investments in emerging economies, she said Wednesday. Egypt is scheduled to host COP27 in Sharm El Sheikh in November next year.
Rich nations are years behind schedule on delivering a $100 billion-per-year funding target, and that’s seen as only a fraction of what’s needed. “It’s embarrassing that we haven’t delivered that yet, and that’s only the small money -- we know we need trillions,” Dan Jorgensen, Denmark’s minister for climate, energy and utilities told the summit.
A Glasgow pledge for nations to review their plans for emissions reductions in 2022 means there remains a small chance to limit the rise in global temperatures to 1.5 degrees Celsius, according to Jorgensen. “You can barely hear the pulse, but it is alive,” he said.
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