The European Union (EU) climate policy chief Frans Timmermans told the COP27 summit in Sharm El-Sheikh on Wednesday that the bloc and four member countries will provide more than one billion euros for climate adaptation in Africa.
He added that the four members are France, Germany, the Netherlands, and Denmark and that other countries could join.
The sum is a starting point, he said.
Timmermans also said the EU will provide 60 million euros for loss and damage and will present ideas today on how to take loss and damage negotiations forward.
No fewer than 154 countries signed the UNFCCC in June 1992, agreeing to combat harmful human impacts on the climate.
Since then, COP meetings have been held (almost) annually to discuss how exactly that should be achieved, and monitor what progress has been made.
At COP26 in Glasgow in 2021, many were shut out due to vaccine inequity, travel restrictions, and high costs.
Those who did manage to attend had to navigate a range of logistical issues which plagued the conference, from massive queues to a shortage of entrance permits.
Combating the devastating effects of climate change requires mobilizing governments, corporations, finance, and civil society.
And so, at COP27, currently ongoing, public and private sector leaders have united in Sharm El-Sheikh, Egypt, to seek solutions alongside BCG, the exclusive COP27 consulting partner.