Developing countries get less than 10 per cent of global climate financing, despite their greater need to address the climate change repercussions, said Egyptian Minister of International Cooperation Rania Al-Mashat during her virtual participation in a high-level session of the of the UN’s ECOSOC Financing for Development (FfD) Forum on Wednesday.
During a session under the theme “Strengthening inclusive dialogue on the path to the Fourth Global Forum on Finance for Development,” Al-Mashat stressed the need for more low-cost financing for developing countries and cooperation from international financial institutions.
She further pointed to increasing poverty rates and the worsening effects of climate change, coinciding with a decline in “just financing.”
The Minister highlighted the need to meet the SDGs by 2030, as agreed by the UN member states in 2015. She noted that global crises have hindered progress towards the 17 SDGs, and current financing is insufficient to meet the challenges facing member states.
She also underscored the importance of South-South co-operation and regional coordination, citing Egypt’s experience in enhancing such cooperation, concluding by emphasising the crucial role of financing for development in addressing growing disparities.
