Frans Timmermans said the initiative was a “starting point”.
Egypt:
The European Union on Wednesday announced it would allocate more than $1 billion in climate action funds to help countries in Africa build resilience in the face of the accelerating effects of global warming.
The initiative, launched at the UN climate talks alongside France, Germany, the Netherlands and Denmark, will combine “existing and new” programs to prepare for future impacts of a warming world, European Commission Vice-President Frans said Timmermans without specifying the total amount of new finance.
The funding also includes a US$60 million EU pledge for “climate loss and damage” already suffered, a contentious issue at talks in Egypt.
While the UN COP27 climate talks have been dubbed the “African COP,” observers have criticized slow progress in delivering aid to the continent, which is one of the most vulnerable to a cascade of climate-related floods, heatwaves and droughts.
Timmermans said the initiative, launched in partnership with the African Union, is a “starting point”.
It will include gathering climate risk data, strengthening early warning systems, financing and insuring disaster risk, and helping to attract private finance.
Ultimately, “we need trillions, not billions, to be displaced,” Timmermans said.
(Except for the headline, this story was not edited by TOI.News staff and was published by a syndicated feed.)
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