The COP27 presidency launches a plan to raise $ 300 billion annually to tackle climate change

On Tuesday, the hosts of the UN climate talks (COP27) launched a global plan to help the world’s poorest communities resist the effects of global warming.

The plan, unveiled as the Sharm el-Sheikh Adaptation Agenda, named after the Egyptian location where the talks are held, sets 30 goals to be achieved by the end of the decade to improve the lives of 4 billion people.

It is hoped that the public and private sectors will work to achieve common goals among themselves and accelerate adaptation to climate change by setting targets for issues including food and agriculture, water and nature, coasts and oceans.

The urgent goals highlighted by the COP27 presidency include moving the world towards more sustainable agricultural practices that can increase yields by 17% and reduce emissions by 21%.

Other goals include protecting 3 billion people from catastrophic weather conditions by establishing early warning systems to help them prepare, investing $ 4 billion in mangrove restoration that provide flood protection, and expanding clean kitchen options to 2.4 billion of people to reduce indoor air pollution.

Overall, the plan aims to raise up to $ 300 billion annually from private and public investors. In contrast, the world’s largest multilateral development banks have spent $ 17 billion in financing for adaptation in 2021, according to a report released by banks last month.

Most of the climate funding goes to climate mitigation efforts such as reducing emissions, although the United Nations requires half of the funding to go to help vulnerable countries adapt.

“The Sharm el-Sheikh adaptation agenda is a key step in COP27,” said COP27 president and Egyptian foreign minister Sameh Shoukry.

“The COP27 presidency has always expressed our commitment to bring together state and non-state actors to promote the adaptation and resilience of the four billion people living in the most climate-vulnerable regions by 2030”.

“At the heart, the Sharm el-Sheikh adaptation agenda places key human needs, along with concrete and concrete actions on the ground to build the necessary resilience in the face of climate change,” said the UN climate official. Simon Steele.

Read More About: Business News