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Egypt counts on COP27 to push developed countries to meet climate financial commitments

Protesters make their feelings known about fossil fuel company interests at COP26 in Glasgow on Nov.11.
COURTESY PHOTO

Cairo, Egypt | Xinhua | Egypt is counting on the upcoming 27th Conference of the Parties of the United Nations Framework Convention on Climate Change (COP27) to obligate developed countries to honor their commitments to finance climate change projects and mitigate the effects of harmful climate changes, a COP official said on Friday.

To tackle climate challenges, some 120 world leaders will gather in Egypt’s coastal city of Sharm El-Sheikh from November 6 to 18 for the COP27.

“We need to find a space to discuss funding arrangements…then the climate finance,” Special Advisor of the COP27 President-Designate Wael Aboulmagd said during a virtual press briefing.

He said he hoped everyone could focus on the important agenda of COP27, which is to put forward a strong work program by the end of the conference to facilitate climate change mitigation.

“We need to deliver a very strong message at COP27 on the global goal and adaptation,” he stressed, adding a discussion on the funding arrangements for loss and damage associated with the adverse effects of climate change was necessary.

“We will have more than 120 world leaders here. They will not just deliver plenary style statements, but attend six round tables to discuss various important things,” Aboulmagd said.

The themes of discussions will include transition, water, food, vulnerable communities, green hydrogen, innovation and finance, he noted.

“These round tables will not only be attended by world leaders, but also by representatives of the private sector and financial institutions as well as Multilateral Development Banks (MDBs). Every relevant stakeholder will be represented,” he added.

The COP Presidency will work hard to ensure the COP27 agenda include the issue of “loss and damage” associated with the adverse effects of climate change, according to Aboulmagd.

“Negotiations are difficult. They depend on an agreement reached by more than 190 members…but people will realize that we can work together to push the needle forward,” Aboulmagd said.

He stressed that developed countries had constantly fallen short of their commitment to contribute 100 billion U.S. dollars a year, pointing out that the COP Presidency will urge developed countries to fulfil their commitment at the upcoming COP27.

Aboulmagd said he hoped to see real contributions to the negotiations, initiatives, projects and commitments for climate change. ■

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