Though it has only been a week, the 2022 United Nations Climate Change Conference (COP27) has already helped to raise the global climate finance target to USD 300 billion a year from USD 100 billion. The global climate finance target is a commitment by developed countries to jointly mobilize USD 100 billion per year by 2020 in support of developing countries, as part of the Paris Agreement. A number of initiatives have been announced to mobilize climate financing and ensure that commitments are translated into implementable projects, moving in line with the theme of this year’s conference: “together for implementation”. As COP27 is taking place in Egypt, it brings special focus to the plight of developing nations, particularly in Africa. For the first time, the conference began with the concept of “loss and damage” financing formally on the agenda, which means that countries most responsible for past greenhouse gas emissions — the United States, China, and Western Europe — will need to provide adequate financing for climate-related damages occurring in developing countries. Below are some of the most important initiatives. The Sharm El-Sheikh Adaptation Agenda The Sharm El-Sheikh Adaptation Agenda…
Planting 50 Billion Trees: The Most Ambitious Initiatives Announced at Egypt’s COP27
November 12, 2022
