Egypt counts on COP27 to push developed countries to meet climate financial commitments
On November 11, at the COP26 in Glasgow, protesters voice their opposition to the business interests of fossil fuel companies.
Egypt counts on COP27 to push developed countries to meet climate financial commitments
On November 11, at the COP26 in Glasgow, protesters voice their opposition to the business interests of fossil fuel companies.
According to a COP official on Friday, Egypt is counting on the upcoming 27th Conference of the Parties of the United Nations Framework Convention on Climate Change (COP27) to compel developed nations to uphold their obligations to finance climate change projects and lessen the effects of unfavorable climate changes.
From November 6 to November 18, 120 international leaders will meet in Sharm El-Sheikh, a beachfront city in Egypt, to discuss tackling climate concerns.
During a virtual press conference, Wael Aboulmagd, Special Advisor to the COP27 President-Designate, stated, “We need to find a space to address funding arrangements…then the climate money.”
He expressed the hope that everyone could concentrate on the crucial COP27 agenda item, which is to present an effective work program at the conference’s conclusion to support climate change mitigation.
“We need to give a very strong message at COP27 on the global objective and adaptation,” he emphasized, adding that it was important to have a conversation about the financial options for loss and damage related to the negative effects of climate change.
“More than 120 world leaders will be present. They will participate in six round tables to debate various critical topics in addition to making plenary style speeches, according to Aboulmagd.
Transition, water, food, vulnerable populations, green hydrogen, innovation, and finance will be among the debate topics, he said.
In addition to international leaders, representatives of the commercial sector, financial institutions, and Multilateral Development Banks will attend these round tables (MDBs). There will be representation from all pertinent stakeholders, he noted.
According to Aboulmagd, the COP Presidency would make every effort to include the topic of “loss and damage” related to the negative effects of climate change on the COP27 agenda.
“Negotiations are challenging. They rely on a decision made by more than 190 members… but people will understand that we can cooperate to make progress, said Aboulmagd.
He emphasized that developed nations had consistently gone short of their pledge to provide $100 billion year, noting that the COP Presidency will press developed nations to keep their word at the upcoming COP27.
Aboulmagd stated that he wished to see genuine contributions to the climate change negotiations, projects, efforts, and commitments.
