Emerging market and developing countries should work with investors, developed countries and multilateral institutions to unlock U.S.$1 trillion annually in external finance for three areas of climate action,. The three climate action areas are cutting emissions; boosting resilience and dealing with the loss and damage caused by climate change impacts; and restoring nature and land.
The total annual investment needs for emerging market and developing countries other than China are estimated to be U.S.$1 trillion in 2025 and U.S.$2.4 trillion by 2030. The report 'Finance for climate action: scaling up investment for climate and development' is by the Independent High-Level Expert Group on Climate Finance and was prepared at the request of the Egyptian Presidency of COP27 and the UK Presidency of COP26.
The report was published on November 8, 2022 ahead of finance day on November 9 at the United Nations climate change summit in Sharm el-Sheikh, Egypt.COP27 Report Calls for Annual Global Investments of U.S.
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Welcome! You are invited to join a webinar: What does a successful COP27 look like for Africa?. After registering, you will receive a confirmation email about joining the webinar.[WEBINAR IN ENGLISH] This climate summit is an opportunity to put Africa’s priorities at the centre of the debate – energy, adaptation, and growth. With climate-related flooding causing devastation in Nigeria and climate-related drought deepening food insecurity in East Africa, the urgency of turning high level negotiations in Sharm el Sheikh into practical action for people on the frontline of the climate crisis in Africa has never been greater. Adaptation and innovation are critical to the continent's ability to imagine a Net-zero pathway that would allow the continent to meet its energy and economic needs while addressing its specific climate risks. This digital event will sketch out what success at COP27 would look like for the continent and examine the financing deals and the latest thinking on mitigation and adaptation. Featuring high-ranking officials, continental business leaders, and hard-nosed activists, we will unpick the promises and proposals, and look at the solutions on offer. NickNorbrook Financing offers should be more in the way of grants not loans. Corporates operation on the continent who contribute to emissions should pledge to donate windfall profits. Most of the continent can't sustain more FX loans.
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