African Countries Urge World Bank for $277 Billion in Climate Financing

African countries are seeking approximately $277 billion in climate financing from the World Bank Group, according to Rania Al-Mashat, Minister of International Cooperation in Egypt. She emphasized the importance of establishing a Loss and Damage Fund, investing in renewable energy, supporting carbon markets, and providing assistance to countries in developing and implementing climate action plans.

During a meeting with Ajay Banga, President of the World Bank Group, African governors discussed important topics such as public debt, financing energy projects, private sector involvement, and climate financing. The Minister highlighted the urgency of activating the Loss and Damage Fund and providing technical assistance to help countries assess climate risks. The African Group also appreciated the Bank’s efforts to double financing for renewable energy and expressed readiness to discuss policies to attract more private financing.

The Minister stressed the need for the Bank to focus on mitigating the effects of climate change, increase adaptation financing, and strengthen the use of private sector financing for mitigation activities. The African governors are looking for the Bank to play a crucial role in advancing development on the continent and addressing the challenges faced by developing countries.