Sara Al-Shurafa

DAVOS: US climate envoy John Kerry on Tuesday said that time was running out for the world to tackle climate change.

And the special presidential ambassador was not convinced that a low-carbon global economy would be achieved in time to avoid the worst impact for some of the most vulnerable people.

In a session addressing philanthropy funding toward a global climate action plan, Kerry pointed out that an immediate response along with “money, money, money” was required to deliver results.

“Massive funding is needed, and there is no way it works without the partnership between private sector and governments,” he added.

Only 2 percent of global philanthropy currently goes toward climate action plans, a figure Kerry said needed to increase.

Session panel members agreed with a decision made at last year’s Climate Change Conference (COP 27) in Egypt to protect 30 percent of nature by 2030, but they noted that increased philanthropy funding was much needed to help implement climate-friendly solutions.

Egyptian Minister of International Cooperation Rania Al-Mashat, said: “For a greater impact it’s important to bring the three Ps’ money together, public, private, and philanthropy money, as it will be a catalyst toward mitigation and adaptation.”

During the session, the minister explained an Egyptian government finance initiative launched at COP 27 aimed at stimulating climate-related financing and developing an international framework for innovative funding.

Panellist Badr Jafar, chief executive officer of UAE-headquartered global conglomerate Crescent Enterprises, said most of the focus for this year’s COP 28 gathering in the Emirates was currently on creating a firm bond between the public, private, and civil society sectors to find more innovative solutions toward greener economies.

And, he added, the public and private sectors needed to work together to better harness the power of catalytic philanthropy to close a $100 trillion gap for equitable climate and nature solutions.