Show us the money: COP27’s developing world seeks funding details

Show us the money: COP27’s developing world seeks funding details

  • COP27 Finance Day focuses on banks, investors, and insurance companies
  • Emerging markets demand more help to pay for relocation
  • UN experts teach dozens of climate projects worth $120 billion

SHARM EL-SHEIKH, Egypt (Reuters) – Finance took center stage at COP27 climate talks on Wednesday, as United Nations experts published a list of $120 billion projects investors could support to help poor countries cut emissions and adapt to the effects of global warming.

A $3 billion Lesotho-Botswana water diversion project and a $10 million plan to improve the public water system in Mauritius were among dozens of projects listed, including 19 in Africa.

Mahmoud Mohieldin, one of the UN-appointed experts known as the UN High-Level Champions for Climate Change, said in a statement accompanying the conference: “We can now show that there is a huge range of investable opportunities that exist across the economies that need financing the most. “. Report.

In an effort to answer the argument of private funders that investing more in emerging markets is too risky, experts, helping COP host governments deal with business, have compiled a list of projects that can be financed more quickly.

After a year of meetings with stakeholders around the world, they released the initial list so banks and others could evaluate the projects.

“Now we need a creative collaboration between project developers, public and private finance and finance, to unlock this investment potential and turn assets into flows,” said Mohieldin, Senior Champion at COP27.

However, another report released Tuesday indicated that developing countries would need to secure $1 trillion in external financing each year by 2030, and then match it with their own money, in order to meet the world’s goal of preventing runaway climate change.

Getting money for low- and middle-income countries so they can build infrastructure, such as renewable energy plants needed to replace fossil fuels, has long been a focus of the UN climate talks. But progress has been slow.

“Although there is a pipeline of interesting projects, they will need technical and financial assistance to get to a position where they can attract the right kind of funding,” said Nigel Topping, senior champion at COP26.

“We need all actors in the system to roll up their sleeves to make this happen,” he said. “We will not come close to unlocking the financing that developing economies need if everyone continues to abdicate.”

A recent report by lenders said the world’s leading development banks lent $51 billion to poor countries in 2021, with private investors contributing $13 billion.

World Bank President David Malpass addressed delegates on Wednesday, through the Bank’s climate efforts and participating in a partnership under which Western nations will provide $8.5 billion to South Africa for an energy transition.

A source familiar with the matter told Reuters that Malpass’s arrival at COP27, originally scheduled for Sunday, was delayed when lightning struck his incoming flight from South Africa.

When asked at Wednesday’s event about his past comments seen as downplaying climate change, Malpass again dismissed the claim that he is a climate change denier.

“You know I’m not. You know I’m not, so don’t misreport it,” Malpass said in response to a reporter’s question as he left the event.

Malpass has faced criticism for months from campaign groups and figures including former UN climate agency chief Christiana Figueres after answering a question in September at a New York Times event about whether he believed human-caused emissions from burning fossil fuels were fueling global warming. thermal. At the time, he replied, “I don’t even know. I’m not a scientist.”

When the comments made international headlines, he clarified his remarks later in September, and said it was clear that greenhouse gas emissions were causing climate change.

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(cover) by Simon Jessup and Kate Abnett. Editing by Katie Daigle and Frank Jack Daniel’s

Our Standards: Thomson Reuters Trust Principles.

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