Baroness Minouche Shafik — President of the University of London for Economics and Political Science — said that developing countries need to provide international banks with soft loans that are three times greater than the current trends.
She added that these loans should also be supported by the lenders to bolster adaptation and mitigation efforts.
The baroness also pointed out during her speech at the UN Conference of Parties on Climate Change (COP27) that climate change has caused a lot of damage, leading to increased deaths due to pollution, and that economies are subject to clashes that lead to catastrophic effects.
“We have to preserve the environment and support investment in a way that supports the preservation of the climate,” she asserted.
Furthermore, she noted that governments should support the private sector and positive projects in order to steer out of crises.
“Africa is responsible for 1% of carbon emissions, but it is the most affected by greenhouse gases. At the same time, it has elements that will make it have a green success story in the coming period,” she said.
Minouche also on called the international community to address the consequences of the climate crisis, explaining that the difference between our world today and ancient Egypt is that today we are the cause of climate change and that we have the tools to confront it by changing economic patterns.
The COP27 kicked off in Egypt’s Sharm El-Sheikh on Sunday 6 November under the theme of ‘Implementation’ and will run until 18 November.