The United Nations (UN) has released a list of projects worth $120 billion to be in line with COP27’s Finance Day. These projects have been put in place to encourage investors to put money towards helping poorer nations to rebuild, cut emissions and adapt to the effects of climate change.
These experts have claimed that less money needs to be invested into emerging countries and more needs to be done to increase investment into developing countries instead. Projects within the list includes a $3 billion project in Lesotho and Botswana to increase water transfer, and a $10 million initiative in Mauritius to upgrade their water infrastructure.
An expert, appointed by the UN to be one of their UN Climate Change High-Level Champions at COP27, Mahmoud Mohieldin has stated that:
“We now need a creative collaboration between project developers and public, private and concessionary finance, to unlock this investment potential and turn assets into flows.”
As well as these projects, a report, that was made public on Tuesday the 8th of November (2022), has claimed that developing countries will need $3 trillion a year by 2030, which will need to come from external financing. This money is needed in order for developing countries to be part of the solution to prevent further climate change impacts.