Egypt's Climate Pioneer emphasizes the financial burden on developing countries

Dr. Mahmoud Mohie El Din, the Egyptian Presidential Climate Pioneer for the United Nations Framework Convention on Climate Change COP27, has said that this week's Spring Meetings of the International Monetary Fund (IMF) and the World Bank in Washington represent a new opportunity to address the crisis of financing development work in general, and climate work in particular.

Mohie El Din explained that the poorest countries bear the highest human cost of climate change and that they also pay the greatest financial cost to protect themselves against the phenomenon and find solutions.

He further stated during a press interview that achieving carbon removal by 2050 and maintaining a global temperature increase of 1.5 degrees Celsius by 2030 requires an annual investment of around $2 trillion from developing countries, excluding China, while advanced countries have so far failed to provide annual climate financing to developing countries of even $100 billion.