CAIRO – Egypt’s International Co-operation Minister Rania Al-Mashat stressed the emerging countries need more climate-related finance to overcome the climate change repercussions in light of inability to fulfill the $100-million pledge.
Addressing a high-level roundtable on the sidelines of the UN COP26 Summit, held in Glasgow, Mashat said the multilateral development banks should adopt innovative solutions to fund climate-related tools such as risk management tools and blended finance.
Mashat revealed the developed countries’ climate funding increased from $58.5 billion in 2016 to $79.6 billion in 2019.
The minister asserted the necessity that the developed and developing countries, multilateral banks, and private sector should work together to support countries’ capacities to develop long-term strategies for climate work.
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