President Macky Sall of Senegal, Chair of the African Union, addresses the opeing plenary of the COP27 in Sharm El Sheikh, Egypt.Annual investments in emerging market and developing countries other than China, to cut emissions, to boost resilience and deal with the loss and damage caused by climate change impacts, and to restore nature and land, should exceed $2 trillion by 2030, according to a new report published today , which was jointly commissioned by the governments of Egypt and the UK.
The report on 'Finance for climate action: scaling up investment for climate and development' was prepared by the Independent High-Level Expert Group on Climate Finance, co-chaired by Dr Vera Songwe and Professor Lord Nicholas Stern, at the request of the Egyptian Presidency of COP27 and the UK Presidency of COP26.
Mobilising private finance at scale: The private sector making the largest increase in financing, both foreign and domestic. Dr Songwe said:"Unlocking substantial climate finance is the key to solving today's development challenges. This means countries must have access to affordable, sustainable low-cost financing from the multilateral development banks to help crowd in investments from the private sector and philanthropy to support the energy transformation, build resilience and protect natural capital.