Implementing adaptation and resilience measures in the face of climate change will be a top priority at the 2022 United Nations Climate Change Conference (COP27) in November, Mahmoud Mohieldin, the high-level champion of Egypt for COP27, affirmed on Friday.
This in addition to reducing the funding gap for adaptation measures, which receives only 6 percent of funding for climate action in general, and supporting environmentally friendly solutions, Mohieldin said during the Latin America and Caribbean Climate Week (LACCW) in the Dominican Republic.
Investing in adaptation and resilience measures in the face of climate change will reduce risks and economic losses in the future, Mohieldin said.
He warned that the number of people suffering from water shortage will be about 800 million compared to the current period in case that global warming reached 2 Celsius by 2050.
Related Posts
Mohieldin noted that investing between $250 and $500 per hectare in dryland farming practices can increase grain yields by 70 to 140 percent.
This would result in billions of dollars in net economic profits, Mohieldin said, pointing to the significant role that companies and development banks can play in the process of adapting to climate change.
He referred to the urgent need to pump trillions of dollars into the process of transitioning to a decarbonised green economy, pointing to reports that reaching net zero emissions by 2050 requires pumping investments estimated at $125 trillion.
Egypt is preparing to host COP27 in Sharm El-Sheikh city, vowing to make it a turning point to maintain international momentum and affirm the commitment of all governmental and non-governmental parties to turn their promises and pledges to actions on the ground.
