Why COP 27 must focus on $100bn climate finance

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As world leaders gather in Egypt to once again seek solutions to climate change challenges, EDIDIONG IKPOTO writes on the imperativeness of addressing the delivery of the $100bn climate fund promised to developing economies by developed countries in one the previous conferences

“The clock is ticking. We are in the fight of our lives. And we are losing,” Guterres said as he addressed world leaders at the 2022 United Nations Climate Conference .

He said, “Taken together, current pledges and policies are shutting the door on our chance to limit global temperature rise to two degrees Celsius, let alone meet the 1.5-degree goal. “We need to see evidence of how they will double adaptation finance to at least $40 billion dollars in 2025, as agreed in Glasgow. Funding for adaptation and resilience must represent at least half of all climate finance. And the Multilateral Development Banks – including the World Bank — must raise their game,” Guterres added.

Warning that “zero-sum games will have no winners,” Shoukry noted that the outcome of the conference would affect the lives and livelihoods of millions of people around the world suffering the impact of climate change.

 

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