Minister of Planning and Economic Development Hala El Saeed said that African countries annually need dlrs 250 billion between 2020 and 2030 to fulfil their national pledges to counter climate change.

She added that any bold climate action would not bear fruit without providing the sufficient funding needed to support the efforts directed towards climate adaptation projects.

Saeed’s remarks came during her virtual participation in a high-level session on the financial means to fund fair transition, according to a statement released by the Planning Ministry on Friday.

The session was held within the framework of a roundtable dubbed the “Road to COP27: The Africa Regional Forum on Climate Initiatives to Finance Climate Action and the SDGs” hosted by Ethiopia’s capital, Addis Ababa, from Tuesday till Thursday, the statement added.

She noted that African states have recently faced multiple global challenges that could undermine the efforts to implement Africa’s Agenda 2063 and the UN 2030 Agenda for Sustainable Development.

The planning minister explained that Africa remains the continent most vulnerable to climate change’s effects despite its low contribution to greenhouse gas emissions, warning that African states’ development efforts would be affected if no immediate measures were taken.

She stated that climate finance’s issue would top the agenda of the upcoming global climate summit (COP27) to be hosted by the Red Sea resort city of Sharm El Sheikh in November.

Saeed asserted the importance of encouraging private investments to meet the shortfalls in climate financing and building innovative capacities, as well as strengthening advanced technology solutions to face climate change.

The planning minister underlined that the Egyptian government was committed to creating an attractive business environment to lure further private investments, particularly in green development projects.

Source: State Information Service Egypt