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Show us the money: Developing world at COP27 seeks finance details

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Finance took centre stage at the COP27 climate talks on Wednesday, with U.N. experts publishing a list of projects worth $120 billion that investors could back to help poorer countries cut emissions and adapt to the impacts of global warming.

A police officer stands in front of the entrance of the Sharm El Sheikh International Convention Centre during the COP27 climate summit in Egypt's Red Sea resort of Sharm el-Sheikh, Egypt November 9, 2022. REUTERS/Emilie MadiEmerging markets demand more help to pay for transitionSHARM EL-SHEIKH, Egypt, Nov 9 - Finance took centre stage at the COP27 climate talks on Wednesday, with U.N.

After a year of meetings with stakeholders around the world, they released the initial list so that banks and others can assess the projects. Getting money to low- and middle-income countries so they can build infrastructure, such as renewable energy plants needed to replace fossil fuels, has long been a focus for the U.N. climate talks. But progress has been slow.

World Bank President David Malpass addressed delegates on Wednesday, running through the bank's climate efforts and involvement in a partnership under which Western nations would provide $8.5 billion to South Africa for its energy transition.

 

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