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Egypt’s Minister of Environment, Yasmine Fouad, highlighted the debt burden of developing nations as she delivered Egypt’s speech at the COP28, in the UAE
Egypt’s Minister of Environment, Yasmine Fouad, highlighted the debt burden of developing nations as she delivered Egypt’s speech at the COP28, in the UAE.Fouad, speaking on behalf of President Al-Sisi, emphasized the importance of using the ongoing discussions to evaluate and mobilize international action to enhance support for climate action implementation, particularly in light of the outcomes of COP27 in Sharm El-Sheikh, Egypt.
She noted that COP27 was the first one to focus on the shortcomings of the multilateral financing framework and to identify three key areas for improving the financing system: mobilizing more financing, facilitating access to financing for developing countries, and prioritizing concessional financing instruments, taking into account emerging challenges.
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Fouad underscored the significant challenge posed by the funding requirement for adaptation support in developing countries, which amounts to US$160bn annually, while actual adaptation financing flows stand at a mere US$22bn annually. Additionally, the funding needed to implement developing countries’ pledges by 2030 is estimated at US$6 trillion, while current flows do not exceed US$100bn annually.
