Finance Minister: Africa Receives Less than 5.5% of Financing to Combat Climate Change

Dr. Mohamed Maait, Minister of Finance, said that the time has come for a just transition towards the use of clean energy and maximizing environmentally friendly green projects in Africa.

They added that appropriate financing opportunities should be guaranteed to counter the negative effects of climate change, in a way that contributes to supporting programs to transition to a green economy.

He affirmed the participation of the private sector and achieving sustainable growth in order to avoid an economic imbalance, as a result of the sudden cessation of financing energy resulting from the use of fossil fuels.

He warned these challenges may lead to many negative effects on African countries, such as high unemployment rates; this is in line with the objectives of the United Nations, and in order to alleviate the suffering of African countries resulting from the negative effects of climate change.

The minister went on to say, during his meeting with Zainab Ahmed, Minister of Finance of the State of Nigeria, on the sidelines of their participation in the Climate Summit in Sharm El-Sheikh, that the Africans look forward to maximizing international efforts to adopt African priorities to combat climate change, and to provide low-cost financing, as Africa receives less than 5.5% of financing dedicated to combating climate change, and produces less than 3% of carbon dioxide emissions.