Developing countries will be unable to implement their commitments to combat climate change if they do not receive the required funding, said Egypt’s Minister of Environment Yasmine Fouad.
Fouad added that developing countries need the funding to help them adapt to the negative impacts of climate change. This is particularly important considering the ongoing coronavirus (COVID-19) pandemic.
The minister’s remarks came during a Sunday meeting which was held to discuss an effective climate fund based on demand. The meeting was inaugurated by Patricia Espinosa, the Executive Secretary of the United Nations Framework Convention on Climate Change (UNFCCC). A number of environment ministers and officials from around the world also joined the online meeting.
Fouad highlighted the financial community has a responsibility to concentrate on the serious needs of developing countries, and to obtain the evidence needed for the Standing Committee on Finance (SCF).
The committee has provided adequate information about the needs of those countries, in preparations for the 2020 report.
Fouad emphasised the need to support national capacity building, financing nationally developed plans, and support the formulation of state programmes in this regard.
According to the minister, the biggest challenge facing these plans is that each institution has a special set of requirements for access to financing. As a result, it is necessary to find viable and realistic solutions to obtain effective financing for climate change.
Fouad highlighted three important messages based on the measures that need to be implemented. The first of these is that the SCF should focus on identifying the needs of developing countries. The second notes that developing countries are responsible for providing the data and information necessary to clarify and characterise their needs. The third message is that international organisations should assist the SCF and developing countries to prepare a report explaining the needs of these nations.