UK Official Reveals Climate Finance Amount Needed For Least-Developed Countries

10/11/2024 5:09:45 AM

(MENAFN- Trend News Agency) BAKU, Azerbaijan, October 11. It is anticipated that least developed countries and small island developing states will together need between $29 billion and $41 billion annually this decade to adapt to climate change, UK Parliamentary Under-Secretary of State for Climate Kerry McCarthy said at the Pre-COP29 event in Baku today, Trend reports.

"There is a pressing necessity for action regarding the intensifying climate issue; yet, effective finance is crucial, and many individuals requiring substantial intervention are constrained in their capacity to obtain the requisite support," McCarthy explained.

The minister highlighted that least developed countries and small island developing states are at the forefront of the challenges posed by climate change, despite their minimal contribution to its emergence. Nevertheless, they face significant hurdles in securing the necessary funding to innovate solutions and foster sustainable development trajectories.

"The average annual funding for adaptation in least developed nations and small island developing states from 2017 to 2021 was about $7 billion. Undoubtedly, a substantial disparity exists. These data illustrate the difficulties encountered by climate-vulnerable nations in obtaining the requisite funds in adequate amounts," she added.

The preliminary meeting of the Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC), known as PreCOP29, is being held in Baku.

Pre-COP29 carries the theme "Enhance Ambition and Ensure Action".

This November, Azerbaijan will host COP29. This decision was made at the COP28 plenary meeting held in Dubai on December 11 last year. Baku will become the center of the world and will receive about 70–80,000 foreign guests.

The United Nations Framework Convention on Climate Change is an agreement signed at the Earth Summit in Rio de Janeiro in June 1992 to prevent dangerous human interference with the climate system. COP-the Conference of the Parties-is the highest legislative body overseeing the implementation of the Framework Convention on Climate Change. There are 198 countries that are parties to the Convention. Unless the parties agree otherwise, the COP is held annually. The first COP event took place in March 1995 in Germany's Berlin with its secretariat in Bonn.

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