Financial assistance for developing countries needs to be at the top of the United Nations Climate Summit’s agenda this year, the host country Egypt said, according to The Guardian.
The annual Climate Summit, COP27 will be held in Sharm el-Sheikh in November. Governments will be required to follow through on promises made at the COP26 summit last year in Glasgow, Scotland.
The Russian war in Ukraine has placed an emphasis on energy security, green energy, and food security.
Food prices and skyrocketing energy costs have left rich countries grappling with a cost-of-living crisis. Poor countries are struggling with mountains of debt.
Most of the biggest economists in the world, who are also the biggest emitters of greenhouse gases, have yet to make good on the pledges they made at Glasgow last year. They have not fulfilled pledges to strengthen their targets on emissions cuts.
Work to help finance poorer countries has also been very slow over the past year.
Egypt’s minister for international cooperation Rania Al Mashat said that they as the host want COP27 to be about moving from pledges to implementation.
Al Mashat said that Egypt wants to highlight what the practical policies and practices are in order to actually push pledges into action.
She said that some countries have difficulty gaining access to finance and that this must be addressed.
Al Mashat said that one success of Glasgow is how the private sector was mobilized in a very important way. In addressing how to get finances to poorer countries, COP27 needs to address how to “de-risk” finance in order to attract private sector investors.
Trillions from the private sector commitments never make their way to the countries most in need, she said unless there is more synergy developed between the public sector finance and private capital in order to create de-risking tools.