Developing country climate financing needs should start being reframed at the U.N. climate summit in November, in order to move beyond the outdated – and unfulfilled - $100 billion that rich nations had pledged to deliver each year, the U.N. high-level climate champion for Egypt said.
With food and energy inflation already being driven by climate concerns and the war in Ukraine, the world needs to deliver more financing to help developing nations for their energy transition and ability to adapt to climate challenges like drought or sea level rise, Mahmoud Mohieldin said.
He said countries were also working to change the perception that climate-related investment in developing countries was too risky by putting together a pipeline of viable climate projects that could be presented at November's summit.He also said he hoped the "loss and damage" agenda was discussed at the COP27 summit that Egypt will host in Sharm el-Sheikh in November.
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