International financing required for carbon neutrality amounts to $4trn annually: Egypt

Amr Abdallah Dalsh

On September 4th, Madbouly arrived in the Kenyan capital of Nairobi to participate in the two-day event of Africa Climate Summit meetings

Staff Writer, Arab Finance

September 6, 2023

PHOTO

The international financing needed to achieve carbon neutrality amounts to about $4 trillion annually, Egyptian Prime Minister Mostafa Madbouly said during his speech at the Africa Climate Summit meetings on September 5th.

He urged the necessity of a realistic approach to deal with the financing gap based on current estimates of nearly $5.6 trillion by 2030 to enable the developing countries to achieve the announced climate pledges.

The Egyptian premier stressed the importance of having innovative financing tools, including carbon markets or imposing some fees or taxes on specific economic activities and sectors.

On September 4th, Madbouly arrived in the Kenyan capital of Nairobi to participate in the two-day event of Africa Climate Summit meetings, on behalf of President Abdel Fattah El-Sisi.

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