USD 1.3 trillion in climate finance must be mobilised by 2035 for developing countries

Reforming the global financial architecture to ensure affordable climate finance aligned with national development priorities
No meaningful global climate progress without significantly increasing financing flows to emerging economies—beyond debt-creating instruments
Egypt adopts an integrated approach to turn national climate ambitions into bankable investment opportunities

 

 

Finance Minister Ahmed Kouchouk stressed the importance of strengthening international efforts to translate climate commitments into tangible, real-world actions. He underscored the urgent need for global adherence to the pledge of mobilising around USD 1.3 trillion in climate finance by 2035 in support of developing countries.

 

Speaking at a high-level session during the Brazil Climate Conference, Kouchouk emphasised that reforming the global financial architecture is essential to unlock affordable climate finance that is consistent with national development priorities.

 

He noted that no meaningful global achievements in climate action will be possible without a substantial increase in financial flows to emerging economies, and that these flows must be channelled away from debt-creating instruments.

 

Kouchouk highlighted Egypt’s commitment to an integrated approach that transforms national climate ambitions into bankable investment opportunities, referencing the NWFE program, which mobilises significant financing for water, food, and energy projects while expanding investments in sustainable transport.

 

He added that more than 25 international financial institutions are supporting Egypt’s national platform for enhanced climate adaptation, resilience, and a just transition.

 

Egypt, he noted, aims to deploy 10 GW of renewable energy and phase out 5 GW of fossil-fuel-based capacity by 2028/2029 as part of its accelerated transition pathway.