UNCTAD urges stronger action to help least developed nations tap into carbon markets
The United Nations Trade and Development (UNCTAD) urged during the 29th United Nations Climate Change ...
Mohieldin: COP27 to be platform for more firms to join Race to Resilience
Egypt’s Climate Change Champion for the UN Climate Change Conference (COP27) Mahmoud Mohieldin said COP27 will be a platform for luring more companies to join Race to Resilience – which is a global campaign – the sibling of Race to Zero – designed to catalyze a step-change in global ambition for climate resilience.
He made the remarks during his participation in the proceedings of the Latin America and the Caribbean Climate Week 2022 (LACCW 2022), held from 18-22 July in Santo Domingo, Dominican Republic.
Implementing adaptation and resilience measures in the face of climate change will be a top priority at the COP27 in November, Mohieldin said.
Mohieldin said if global warming reached 2 °C by 2050, the number of people suffering from water shortage will rise by about 800 million compared to the current period.
He said investing 250 to 500 dollars in each hectar of arid lands will lead to boosting grain output by 70 to 140 percent, adding that this will up net economic profits by billions of dollars.
Mohieldin highlighted the major role that companies can play in adaptation to climate change, thus benefiting companies and the communities they work in.
He added that there is a great chance for multilateral development banks to lure financing for climate action through incentivizing public and private funds to promote low-carbon economic growth in development countries and emerging economies.
He said development countries have to meet their commitment, at least to the Copenhagen conference on allocating 100 billion dollars annually for climate action.
He noted that trillions of dollars should be injected into transition to green economy, adding that reports show that reaching zero emissions by 2050 requires pumping dlrs 125 trillion.
He stressed that investing in adaptation to climate change is more lucrative, adding that investing 1.8 trillion dollars between 2020 to 2030 could result into net profits of about dlrs 7.1 trillion.
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