The meeting discussed the future of climate and development finance ahead of COP28 in Dubai. However, this funding remains largely skewed towards mitigation activities, with 91% allocated to such projects, while adaptation projects received only 5% of total climate finance, and dual-benefit projects received 4%. To bridge the climate finance gap, Mohieldin emphasized the importance of strengthening regional and local dimensions to facilitate increased funding for climate projects. The UAE Presidency of COP28 participated in the second edition of the RPCP, aiming to identify investable, bankable, and implementable climate projects. Mohieldin stated that reforming climate finance is a key objective of COP28 in Dubai.

Source: Daily News Egypt November 24, 2023 23:48 UTC