Developing countries need to triple their lending to adequately address climate change.Baroness Menouche – Daily News Egypt

Baroness Minouche Shafik — Dean of Economics and Politics, University of London — said developing countries need to provide international banks with soft loans three times higher than the current trend.

She added that these loans should also be supported by lenders to strengthen adaptation and mitigation efforts.

The Baroness also said in a speech at the United Nations Conference of the Parties to Climate Change (COP27) that climate change is causing a lot of damage, leading to more deaths from pollution and devastating economic impacts. I pointed out that I was exposed to collisions. .

“We need to support investments in ways that protect the environment and support climate conservation,” she argued.

She further said the government should support the private sector and proactive projects to avoid a crisis.

“Africa accounts for 1% of our carbon footprint, but it is also the biggest contributor to greenhouse gases. At the same time, it has the ingredients for future green success stories,” she says. Told.

Minos also called on the international community to address the effects of the climate crisis, saying that the difference between our world today and ancient Egypt is that we today are the cause of climate change and that changing economic patterns will make it possible. I explained that it is about having the tools to face it. .

COP27 will kick off on Sunday 6 November in Sharm el-Sheikh, Egypt with the theme of ‘Implementation’ and will run until 18 November.



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