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COP22 Head Says US$100bn Drop In Ocean For Projects
By Ballah M. Kollie from Morocco
MARRAKECH, MOROCCO, November 9 (LINA) – The President of the 22nd Sitting of the Conference of the Parties (COP22) on climate change, Salaheddine Mezouar, has observed that US$100 billion is a drop in the ocean to finance green projects.
“One hundred billion dollar, I call it a drop in the ocean; just one drop in the ocean. I am talking about billions of dollars and those billions are to come from various sources of funding in order finance the green projects,’’ he emphasized.
Addressing a press conference Tuesday at this year’s Conference of the Parties 22nd sitting, Mezouar said a lot more funding is needed to finance projects that are related to climate change rather than a hundred billion dollars.
According to him, the world is can on an annual basis, raise said money to fund climate change related projects globally and hoped for a financial evolution that will raise funding for the needed sectors.
Sectors to be considered include the regulatory, issuance, and several others that are to be put in a framework.
He hopes that concrete actions will be taken to match world expectations particularly at the end of the 22nd sitting of the COP.
According to him, everybody is moving as fast as possible to as lot of energy is being spent on reaching the results of the targeted timeline.
On the quality of African participation in COP22, the president said he would not number the continent’s participants but is fully aware of the level of its participation since Africa is one of those continents to which the global fight is of great importance.
The UN Conference on Climate Change is a multilateral meeting that brings together all the parties and is being hosted by Morocco in the city of Marrakech.