Musaad Abdullah's post

Money is NOT the issue! Action to climate change.. 24 days till the COP27 in Sharm El-Sheikh, Egypt. We should make it crystal clear to our leaders that money is not a barrier to achieving compelling actions influencing climate change. This annual conference should not be about looking at opportunities, rather it should be about adopting bold course of actions to contain climate change threats, especially in developing countries. Official development assistance (ODA) is defined as government aid that promotes and specifically targets the economic development and welfare of developing countries. The OECD Development Assistance Committee (DCA) adopted ODA as the gold standard of foreign aid in 1969 and it remains the main source of financing for development aid to developing countries. After the launch of the global SDGs by the UN in September 2015, the ODA financial flows and grants as percent of gross national income (GNI) from donors continued and rose by 4.4% in 2020 reaching USD 178.9 billion. As a matter of fact, the ODA commulative amount reached USD 942.35 billion since 2016. If DCA continued delivering its ODA to developing countries at the same momentum we would expect a financial flow of about USA 1.4 trillion by end of 2030. This money will be enough to achieve targets for not only global climate change but also for the whole 17 SDGs. COP27 should reconfirm this commitment.

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