Developing countries require about $5.9 trillion by 2030 to meet their NDCs

Speaking on behalf of President Abdel Fattah El-Sisi, Prime Minister Mostafa Madbouly delivered Egypt’s address during the third and final session of the 17th BRICS Summit, held in Rio de Janeiro, Brazil, under the theme "Environment, COP30, and Global Health."

Madbouly reaffirmed Egypt’s commitment to the goals of the United Nations Framework Convention on Climate Change (UNFCCC) and the Paris Agreement, underscoring the foundational Rio Principles, especially the principle of common but differentiated responsibilities.

He added: "However, we are concerned about the clear lack of commitment by developed countries to provide the necessary financing and other implementation mechanisms to achieve the level of ambition contained in the Nationally Determined Contributions (NDCs) submitted by our developing countries."

He noted that developing countries require approximately $5.9 trillion by 2030 to meet their NDCs. However, the annual $100 billion pledge by developed nations has still not been fulfilled. Additionally, he highlighted that adaptation costs alone range between $140 and $300 billion annually for developing countries.

Dr. Mostafa Madbouly explained that the Egyptian Presidency of COP27 has made every effort to achieve tangible and effective progress in various areas of climate action, particularly with regard to the "just transition," the pivotal role of multilateral development banks in financing climate action, and, most importantly, the establishment of the Loss and Damage Fund.

Dr. Mostafa Madbouly emphasized that providing the necessary means of implementation for developing countries, particularly concessional financing and technology transfer, is a cornerstone of joint international efforts on this important issue.