Mahmoud Mohieldin, UN Climate Change High-Level Champion for Egypt and UN Special Envoy on Financing the 2030 Sustainable Development Agenda, spoke at the UNCTAD meetings about the challenges and opportunities of financing climate and development action in developing countries and emerging markets. He emphasized that climate action is not separate from development action, but rather an essential part of it. According to Mohieldin, the annual cost of implementing development action in general is estimated at $5.3trn, of which $2.4trn is needed for climate action alone. Addressing the negative impact of some new industrial policies in developed countries on the economies and competitiveness of developing countries. He said that financing climate and development action is not only a moral obligation but also a smart investment for a better future for all.

Source: Daily News Egypt November 02, 2023 10:33 UTC