COP27: Developing world seeks financing details
"Show us the money: Developing world at COP27 seeks financing details", 9 November 2022
Finance took centre stage at the COP27 climate talks on Wednesday, with U.N. experts publishing a list of projects worth $120 billion that investors could back to help poorer countries cut emissions and adapt to the impacts of global warming.
A $3 billion water transfer project between Lesotho and Botswana and a $10 million plan to improve the public water system in Mauritius were among dozens of projects listed, including 19 in Africa.
"We can now show that a meaningful pipeline of investible opportunities does exist across the economies that need finance most," Mahmoud Mohieldin, one of the U.N. appointed experts, known as U.N. Climate Change High-Level Champions, said in a statement to accompany the report.
In an effort to answer the argument by private sector financiers that it's too risky to invest more in emerging markets, the experts, who help the COP host-governments engage with business, pulled together a list of projects that could be funded more quickly...
However, another report released on Tuesday suggested that developing countries would need to secure $1 trillion in external financing every year by 2030, and then match that with their own funds, in order to meet the world's goal of preventing runaway climate change.
By contrast, the world's leading development banks lent $51 billion to poorer countries in 2021, with private investors contributing just $13 billion, a recent report from the lenders said...