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It's Finance Day at the COP27 climate summit taking place in Egypt.

Climate finance, which will help developing nations with adaptation and mitigation, is a significant topic at this year's conference.

The money doesn't just come from governments, but also financial sectors which includes the Glasgow Financial Alliance for Net Zero (GFANZ). This is a group of 550 financial firms, representing about 40% of the global financial system, who have committed to reaching net zero emissions by 2050.

Co-chair of GFANZ, who is also a UN Special Envoy for Climate Action and Finance, Mark Carney, spoke to Newsday. He spoke about the importance of climate finance which is needed to facilitate emerging economies, particularly in Africa, to ensure they have the resources and support to take care of their environments.

He says, "What's required is for all countries, including countries in Africa, is to have energy systems of the future. Energy systems that are resilient, that are affordable, that improve accessibility to energy."

(Photo: A man walks in front of windmills at the onshore Zaafarana windfarm along the gulf of Suez on Egypt's Red Sea coast. Credit: Khaled Desouki via Getty Images)

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