Blended, concessional and private finance is crucial for climate action: John Kerry at Egypt-ICF



The United States Special Envoy on Climate Change, John Kerry, expressed his pleasure to participate in the Egypt-International Cooperation Forum (Egypt-ICF) 2022 in its second edition, which started on Wednesday in the new administrative capital.

During his speech at the 2022 Egypt-ICF Opening Ceremony, Kerry delivered US President Joe Biden’s greetings, which convey a message of peace from the United States for Egypt and the region.

“Twenty countries are responsible for 80% of total global emissions, while 24 countries in Africa cause only 0.55% of these emissions. Meanwhile, 65% of global GDP has committed $100 billion to deliver to developing countries for mitigation and adaptation. We hope COP27 will help us push for this,” Kerry said.

“While $755 billion was allocated in 2021 to counter the impacts of climate change, this sum was not enough to do so,” he added.
Kerry also added that the United States had allocated $11.4 billion to counter the effects of climate change, but stressed that this was not enough to help developing countries deal with the climate crisis.

He also pointed out that COP27, to be held in Egypt in Sharm el-Sheikh in November, will be against the climate crisis that has affected Europe, the United States and China this year, adding that water can become a key cause of political conflicts.

Kerry highlighted that increasing blended and concessional finance, as well as private sector investment, are key enablers for climate-smart finance.

During his speech, John Kerry thanked President Abdel-Fattah El-Sisi and the Egyptian government for inviting him to participate in the Egypt International Cooperation Forum and inviting him to attend COP27 to convey urgent messages in support of climate action.

This year’s Egypt-ICF and the meeting of African Ministers of Economy, Finance and Environment will provide a platform for governments, multilateral and bilateral development partners, philanthropic foundations, the private sector, think tanks and civil society to examine the challenges facing the continent. compensated by and explore ways to overcome them.

The overall objectives of the Forum include Mobilizing and Accessing Finance, to mobilize finance and catalyze private sector investment, with a focus on developing countries and Africa; finance climate action, adaptation and mitigation to mobilize the public and private support needed to accelerate climate action; and provide a timely platform to explore necessary national actions that would help move towards a just and green transition.

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