Regional platforms are the largest supporter of developing countries
Regional platforms are the largest supporterfor developing countries
In light of the global movement to combat climate change, we must realize that supporting regional platform projects is direct and important support for developing countries and emerging economies. In order to help it implement climate change strategies, and to support it in combating its severe environmental impacts.
These days, the world is witnessing the holding ofCOP28in the Emirates, where a number of Egyptian climate activists pointed out that implementing such climate strategies and projects requires fair financing and technical support, in addition to building relevant capacities; Therefore, the fund launched by the UAE at the opening of the conference on the 30th of last November will have a very important role in financing a number of projects in Africa.
It is worth noting that the value of this fund amounts to 30 billion dollars, and the UAE has supported it with 100 million dollars. Despite this, the contributions of the rest of the parties are still small compared to the developing countries’ need for tens of billions. So that it can finance projects to combat climate damage, and the fund aims – according to statements by Emirati officials – to finance $250 billion by 2030.
But developed countries – led by the United States of America – refused to make contributions to this fund mandatory. Hence, the international community called for expanding the donor base to include rich emerging countries such as China and Saudi Arabia.
There, the participating countries reached an agreement on 20 projects, with a financial value of up to 1.2 billion dollars, divided equally between the project owners and various international financing bodies. This will require more concessional financing, strengthening the role of capital for multilateral development banks, in addition to increasing the role of the private sector by four times, and attracting financing from internal sources.
It is worth noting that financing and implementing climate activities should be built on strong partnerships between the public and private sectors, and this is done throughmultilateral development banks, which must cooperate with governments to structure policies that encourage climate and development action, while mitigating the risks of investment and financing.
In the end,MagazineEarth Guardsemphasizes the importance of reconsidering strategies for reducing emissions and environmental adaptation to climate change and its effects. For this reason, Egypt established the “Loss and Damage Fund” at theConferenceTwenty-Seventh Parties in Sharm El-Sheikh last year, which the Dubai Conference – COP28 – came to activate; This fund is a role model for achieving climate action goals with specific timetables, and an enlightened vision that anticipates the future of the Earth, and takes into consideration theSustainable Development Goals (SDGs)in the whole world.
