Global climate finance flows reach $1.3T in 2021/22, developing countries receive only 13%

CAIRO - 29 April 2024: During the special meeting of the World Economic Forum (WEF) held in the Saudi capital, Riyadh, Minister of International Cooperation, Rania Al-Mashat, emphasized the significance of investing in human capital to drive comprehensive growth and sustainable development. She highlighted the need for a workforce equipped with the skills demanded by the rapidly evolving labor market, which is increasingly influenced by modern technologies and artificial intelligence.

 

Al-Mashat, in her capacity as co-chair of the World Economic Forum's Network for Investment Mobilization for Clean Energy in the Global South, participated in an open dialogue. She stressed the responsibility of developed countries and the international community towards the countries of the Global South, based on the principle of "common but differentiated responsibilities." Al-Mashat urged enhanced efforts to mobilize climate investments, considering the disparity in capabilities between nations.

 

Highlighting the disparity in climate finance flows, Al-Mashat revealed that the average climate finance reached a staggering $1.3 trillion in the year 2021-2022. However, developing and emerging countries received only 13% of these funds, while the countries of the Global South received a mere 2%. She emphasized that despite the colossal commitments required for climate action, the current financial support falls far short when compared to the potential costs of rising temperatures.

 

The session at the World Economic Forum discussed an ambitious initiative launched by the organization with the goal of reshaping the specialized skills of the global workforce, aiming to prepare one billion people for the economy of the future. The program focuses on providing individuals with the necessary skills, including techniques related to artificial intelligence, to succeed in their future careers.

 

Al-Mashat also engaged in media interviews with international outlets, shedding light on the impact of geopolitical developments in the Middle East region on the revenues of the Suez Canal. She disclosed that these events resulted in a 50% decline in the canal's revenues, subsequently affecting the balance of payments. The government has taken proactive measures to address this crisis, including strengthening cooperation with the International Monetary Fund (IMF) and implementing various other strategies.

 

The discussions at the World Economic Forum highlighted the urgent need for collective action to bridge the gap in climate finance flows and mobilize resources to support sustainable development efforts in the Global South. As the world faces the challenges posed by climate change, it is essential for developed nations and the international community to fulfill their responsibilities and ensure equitable distribution of financial resources to tackle this global crisis.