Watch the video: https://s3.amazonaws.com/downloads2.unmultimedia.org/public/video/ondemand/2974932_MSG+DSG+MOHAMMED+GCA+STATE+AND+TRENDS+IN+ADAPTATION+02+NOV+22.mp4

Excellencies, ladies and gentlemen,

I thank the Global Centre for Adaptation for their focus on finding solutions to address Africa’s adaptation needs.

Current annual spending on adaptation in Africa amounts to USD 11.4 billion – approximately 39 percent of total climate finance committed to the continent annually.

This is a far cry from the USD 41.3 billion per year required to implement the Nationally Determined Contributions for African countries.

COP27 must be a turning point.

Developed countries must put forward credible plans to double adaptation finance to reach USD 40 billion a year by 2025.

The Secretary-General has called for a new business model to deliver adaptation finance by turning adaptation priorities into pipelines of investable projects, as outlined in the Adaptation Pipeline Accelerator.

In the medium- to long-term, we need to work towards stronger and more efficient country systems.

This means:

First, effective and transparent institutions able to lead responses tailored to each country’s adaptation challenges.

Second, comprehensive and inclusive policy frameworks that guide partnerships with the private sector and drive African innovations.

And third, greater domestic resource mobilization from public and private sources to complement international climate finance provided by developed countries.

Let us join forces to make COP27 a success and together build a more sustainable, peaceful, and prosperous continent for all.

Thank you.