Finance takes centrestage at COP27 as projects worth $120bn are listed for developing countries

Keeping finance at the centre of the COP27 climate negotiations, a list of $120 billion in projects that investors may support to assist poorer countries cut emissions and adapt to the effects of global warming was published by United Nations experts on Wednesday.

Among the dozens of projects named is a $3 billion water transfer project between Lesotho and Botswana and a $10 million initiative to upgrade Mauritius' public water infrastructure.

Mahmoud Mohieldin, one of the UN-appointed experts, known as UN Climate Change High-Level Champions, said in a statement, "We can now show that a meaningful pipeline of investible opportunities does exist across the economies that need finance most."

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The experts that assist the COP host countries in their interactions with industry put together a list of initiatives that may be funded more rapidly in an effort to counter the claim made by private sector financiers that investing more in emerging nations is too hazardous.

They provided the initial list so that banks and other stakeholders could evaluate the projects after a year of talks with stakeholders from all over the world.

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"We now need a creative collaboration between project developers and public, private and concessionary finance, to unlock this investment potential and turn assets into flows," said Mohieldin, High-Level Champion for COP27.

Developing countries would need to receive $1 trillion in external financing every year by 2030, according to ananalysis made public on Tuesday, in order to achieve the global aim of halting runaway climate change.

(with inputs from agencies)