Finance took center stage at the COP27 climate talks on Wednesday, November 9, with UN experts publishing a list of projects worth $120 billion that investors could back to help poorer countries cut emissions and adapt to the impacts of global warming.
A $3-billion water transfer project between Lesotho and Botswana and a $10-million plan to improve the public water system in Mauritius were among dozens of projects listed, including 19 in Africa.
In an effort to answer the argument by private sector financiers that it’s too risky to invest more in emerging markets, the experts, who help the COP host-governments engage with business, pulled together a list of projects that could be funded more quickly. However, another report released on Tuesday, November 8, suggested that developing countries would need to secureevery year by 2030, and then match that with their own funds, in order to meet the world’s goal of preventing runaway climate change.
“Even though the pipeline of interesting projects is there, they will require technical and financial help to get to a position where they can attract the right kind of finance,” said Nigel Topping, High-Level Champion for COP26.
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