COP27: Calls to step up climate action financing as report released

According to a report on climate action financing released during the ongoing COP27 meetings in Egypt, the funds would be raised through the Exchequer and external financing.

The report called for multilateral lenders to double their funding to help developing countries deal with climate change.

The issue of climate financing is one of the main issues on the agenda in the ongoing Conference, with Africa and other developing economies calling for increased lending from external financiers and multilateral lenders.

Experts say that funding from global leading development banks extended a total of $51 billion to poorer countries last year, while private investors offered a total of $13 billion in the same period.

Experts attending the talks said that there is a need for rich countries to double their funding in developing countries, the only way to help them deal with climate effects.

Environment CS Soipan Tuya said Kenya will engage with various stakeholders to find a way of ramping up investments in climate-resilient projects.

Experts attending the COP27 meeting also called for a doubling of grants and low-interest loans to developing countries in three years' time to $60 billion from the current $30 billion annually.