Egypt says 'crisis of trust' risk if Cop pledges fail

Egypt, which is presiding over the UN Cop 27 climate conference in November, said developed countries have to follow through on their pledges to avoid a "crisis of trust" in the Cop process.

"We have not yet delivered on the $100bn pledge, which in itself is more a symbol of trust and reassurance than a remedy to actual climate needs," UN Cop 27 president Sameh Shoukry said.

Developed countries continue to fall far short of their commitment to provide and mobilise $100bn/yr in climate finance to developing nations over 2020-25, with the adequacy of the figure still in question. Latest OECD data show it is unlikely to be met before 2023 even under its best-case scenario.

Finance is going to be a priority of this year's Cop, to be held in Sharm el-Sheikh, including discussions around loss and damage, and adaptation against the backdrop of natural disasters in several countries, such as Pakistan.

Shoukry said Cop 27 must find a way to address the financial challenge.

"Mitigation finance is receiving more attention than adaptation" and "instruments of finance are still mostly non-concessional loans rather than concessional loans and grants, which account for only 6pc of climate finance," he said. Developing countries have long complained that they struggle to access available climate and net zero funds, with some saying they should have the right to exploit their fossil fuel resources to do so.

By Caroline Varin