Climate Finance
Fouad will co-lead negotiations on the New Collective Quantified Goal (NCQG) for climate finance, alongside Australia’s Minister for the Environment, Chris Bowen
Madbouly made the remarks during the 29th Conference of the Parties to the UN Framework Convention on Climate Change (COP29), hosted by the Azerbaijani capital, Baku, from 11 to 22 November
Mohieldin stressed that there is a large funding gap for development and climate action in developing and emerging countries, estimated at $1.3 trillion until 2025 and this may increase to $2.4 trillion by 2030. "Commitment to financing climate action has become a necessity", he said.
His remarks came during his participation in the session of launching "Africa Carbon Markets Initiative" in COP27 that takes place in Sharm El Sheikh, with the participation of Kenya President William Ruto, Malawi President Lazarus McCarthy Chakwera, and Gabon Environment Minister Lee White, and a number of African ministers, representatives of international and regional organizations and HLCs.
His remarks came during his participation via video in the Benha University's first annual conference of humanities postgraduate studies, with the participation of Gamal Sousa, the university president, and a number of the university academics and officials.
"This is the pragmatic approach that Egypt presidency of COP27 already adopted and calling for." Mohieldin added.
This year’s annual meetings of the World Bank and the International Monetary Fund have taken on more than their usual significance. At stake is the world’s very ability to cooperate on climate, and to work together to achieve a just and low carbon and climate resilient transition.
"Moreover, adaptation projects only account for 20 percent of climate finance," Al-Mashat added.
