Climate finance gap widens, $366b needed – Egypt’s Al Mashat

The climate finance gap is widening, with developing nations needing nearly $366 billion in additional annual investments for adaptation and mitigation, Egypt’s Minister of Planning, Economic Development, and International Cooperation Rania Al Mashat stated as per the Egyptian Cabinet statement.

Africa faces a funding requirement of $2.7 trillion by 2030—around $400 billion per year—which underscores the urgent need for private sector involvement, she added.

Speaking at the launch of the second follow-up report for the National Platform of the NWFE programme on Thursday, Al Mashat emphasised the growing need for climate funding amid geopolitical tensions and economic crises.

The event, attended by Prime Minister Moustafa Madbouly, reviewed progress on the initiative, which integrates water, food, and energy projects and was first introduced during Egypt’s COP27 presidency.

Al-Mashat underscored that climate action and economic development are inseparable, with Egypt promoting an innovative approach to resource optimisation and resilience.

The event also spotlighted two key initiatives from Egypt’s COP27 leadership—the “Sharm El Sheikh Guide for Just Financing” and the National Platform NWFE—which aim to shift from climate pledges to tangible investments in developing countries.

Attribution: Amwal Al Ghad English
Subediting: M. S. Salama