Minister of Environment Yasmine Fouad said that African countries need funding estimated at about 20 to $50bn annually in order to be able to work on the 1.5° Celsius scenario.
“In the event that the scenario changes to more than 2° Celsius, Africa needs approximately 18 to $60bn annually until 2050,” Fouad added during her speech in the closing session of the second edition of the Egypt International Cooperation Forum and African Ministers of Finance, Economy, and Environment Meeting for the upcoming UN Conference of Parties on Climate Change (COP27).
The minister stated that the COP27 provides a very good opportunity to fulfill the needs of Africa, both through the Egyptian presidency of the conference, as well as a set of measures that have been planned at the level of the continent.
The measures include plans for national contributions for African countries and work on adaptation measures and their importance to the continent. During the past two months, the first regional strategy for the African continent for adaptation and resilience was issued through the African Union.
Furthermore, Fouad stressed Egypt’s keenness to put financing and adaptation at the heart of the discussions of the continent, which has made great strides in terms of its national and regional plans, in addition to the governance mechanism that the Egyptian state is currently trying to enable to activate and attract funding for the African Initiative for Adaptation.
She further explained that energy is one of the continent’s environmental and climatic challenges, both in terms of access and availability at prices commensurate with developing countries.