Global climate finance flows reach $1.3T in 2021/22, developing countries receive only 13% – Egypt Today

Global climate finance flows reach $1.3T in 2021/22, developing countries receive only 13% – Egypt Today

CAIRO - 29 April 2024: During the special meeting of the World Economic Forum (WEF) held in the Saudi capital, Riyadh, Minister of International Cooperation, Rania Al-Mashat, emphasized the significance of investing in human capital to drive comprehensive growth and sustainable development. She highlighted the need for a workforce equipped with the skills demanded by the rapidly evolving labor market, which is increasingly influenced by modern technologies and artificial intelligence.

 

Al-Mashat, in her capacity as co-chair of the World Economic Forum's Network for Investment Mobilization for Clean Energy in the Global South, participated in an open dialogue. She stressed the responsibility of developed countries and the international community towards the countries of the Global South, based on the principle of "common but differentiated responsibilities." Al-Mashat urged enhanced efforts to mobilize climate investments, considering the disparity in capabilities between nations.

 

Highlighting the disparity in climate finance flows, Al-Mashat revealed that the average climate finance reached a staggering $1.3 trillion in the year 2021-2022. However, developing and emerging countries received only 13% of these funds, while the countries of the Global South received a mere 2%. She emphasized that despite the colossal commitments required for climate action, the current financial support falls far short