Egypt's Abdel Fattah El Sisi urges Cop26 to hit $100bn climate funds target

'It is imperative that developed countries fulfil $100bn annually to climate finance in developing countries'

Egypt is concerned over the gap between the finance available for climate change measures and the actual needs of the developing countries.

President Abdel Fattah El Sisi told the Cop26 climate conference that it is vital that previously promised money is made available.

“We remain concerned about the gap between the available finance and the actual needs of the developing countries, added to the challenges faced by our countries to access this finance,” he said.

“It is imperative that developed countries fulfil $100 billion annually to climate finance in developing countries.”

He also told the summit about steps taken in Egypt to tackle climate change.

“Egypt initiated several steps to implement a sustainable development model that addressed climate change, and adapting to its negative impact as a main part of it, a model that aims that the government-financed green projects reaches 50 per cent of total projects by 2025 and 100 per cent by 2030," he said.

"For example, renewable energy constitutes today 20 per cent of Egypt’s consumed energy with the aim of reaching 42 per cent by 2035 while rationalising the energy subsidies.”

The Egyptian leader met UK Prime Minister Boris Johnson at the summit.

They agreed that Glasgow must be a pivotal moment for countries to deliver real action on coal, cars, cash and trees, looking ahead to Egypt’s presidency of Cop27 next year, the UK government said.

The two leaders also discussed the importance of countries transitioning to renewable energy, and agreed to work together closely to secure ambitious progress on climate change and ensure the benefits of green technology and growth are felt around the world.

As Cop26 opened, Mr Johnson called the summit the beginning of the end of efforts to tackle climate change, telling world leaders: “Let’s get to work.”

Later in the day, he met India's Prime Minister Narendra Modi who said India will meet its target of net-zero emissions by 2070.

UN Secretary General Antonio Guterres saidd the “sirens are sounding” and “our planet is telling us something”.

Experts behind the crucial climate report that underpins the Cop26 summit believe governments will miss the target of limiting global warming to 1.5°C by a wide margin, a new survey shows.

Updated: November 2nd 2021, 7:20 AM
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