CAIRO: Developing country climate financing needs should start being reframed at the UN climate summit in November, in order to move beyond the outdated - and unfulfilled - US$100 billion that rich nations had pledged to deliver each year, the UN high-level climate champion for Egypt said.
"The finance architecture of climate is inefficient, insufficient and unfair," Mohieldin said in an interview, noting that the US$100 billion pledge made in 2009 will expire in 2025. To date, it has only ever been partially met. 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.
Many questions remain unresolved, including where the funds would come from, and how they would be paid out.