In a speech during the pre-COP27 meeting in DR Congo’s Kinshasa on Monday, Shoukry affirmed the importance of holding out hope for progress at COP27, scheduled to be held in November in the city of Sharm El-Sheikh, the Egyptian COP27 presidency said in a statement.

“We have not yet delivered on the $100 billion pledge, which in itself is more a symbol of trust and reassurance than a remedy to actual climate needs,” Shoukry said to an audience that included 60 ministers from around the world.

In 2009, developed countries pledged to allocate $100 billion per year by 2020 to assist developing countries in tackling the climate crisis. This promise has not yet been fulfilled.

Fair financing

Shoukry highlighted the need for “appropriate and fair” climate financing, including financing for adaptation, noting that mitigation financing is receiving more attention than that for adaptation.

He also highlighted that instruments of financing continue to be mostly non-concessional loans, rather than concessional ones, and grants. Both account for only 6 percent of climate financing.

“We must find a way to address this challenge,” Shoukry said. “Without appropriate and fair financing serving as a catalyst, we shall continue to struggle to make a significant impact on climate change.”

Geopolitical challenges

The COP27 president-designate also stressed that the current global challenges posed by the geopolitical and economic situations must not be a pretext for delaying action on climate change. “Delaying action will only make it harder and more expensive.”

The COP27 presidency had urged countries to put aside political differences over the Russia-Ukraine war in order to work together on achieving progress in climate action ahead of the conference (which takes place between 6 and 18  November).

Egypt’s vision on COP27 focuses on the key areas of climate action including adaptation, mitigation, and financing. Egypt's vision also involves collaboration between governments, the private sector, civil society, and other stakeholders in combating the effects of climate change.

During COP27, Egypt hopes that pledges on climate change are honoured with action on the ground. It also hopes that the conference provides an opportunity to express Africa’s aspirations on climate as well as an incentive to developed countries to fulfill their pledges of climate financing.