It is necessary to multiply adaptation funds up to $62B: Mohieldin – Egypt Today

It is necessary to multiply adaptation funds up to $62B: Mohieldin – Egypt Today

CAIRO - 1 November 2022: UN Climate Change High Level Champion for Egypt and UN Special Envoy on Financing 2030 Agenda for Sustainable Development, Mahmoud Mohieldin, emphasized the need to distinguish between adaptation and losses and damages as each file must be addressed differently, especially since the file of adaptation is still already suffering from a great deal of neglect and lack of funding.

These statements came during Mohieldin's speech at a virtual session by UNCTAD on financing the global adaptation challenge with the participation of many specialists and representatives of relevant international organizations.

The climate champion emphasized the importance of adaptation for developing economies in emerging markets and for Africa in particular. According to the report from the Climate Policy Initiative, Africa needs $2.8 trillion between 2020 and 2030 averaging $277 billion annually. In this regard, Mohieldin explained that Africa currently receives approximately $29.5 billion annually, of which $14.6 billion are for mitigation and about $11.4 billion are for adaptation.

In the same context, Mohieldin stressed the need to multiply the amount allocated for adaptation by six times to reach $62 billion.

Mohieldin referred to the dependence of climate finance on state budgets, either directly through mobilizing domestic resources or through borrowing, bearing