There is a need to see equity between finance for mitigation and adaptation: FM Shoukry to Bloomberg

Jehad El-Sayed , Wednesday 26 Oct 2022

In an interview with Bloomberg Television, Egypt Foreign Minister and COP27 President-Designate Sameh Shoukry asserted that there is a need to see greater equity between finance for mitigation and adaptation.

Egyptian Foreign Minister Sameh Shokry listens to his Russian counterpart during a joint press confe
Egyptian Foreign Minister Sameh Shokry listens to his Russian counterpart during a joint press conference in the capital Cairo, on July 24, 2022. AFP

“For mitigation, there are economic benefits, whereas adaptation, the return is much more impactful because it deals with the lives and livelihoods,” he said.

The interview discussed COP27 goals and the chances of achieving a meaningful progress at this year's UN climate summit in Sharm El-Sheikh.

Shoukry asserted that implementation of Nationally Determined Contributions (NDCs) goals, climate finance, adaptation, and loss and damage are top priorities of COP27

“The vast majority of developing countries have indicated the importance that they attach to the issue of loss and damage, the issue of mitigation, and the need for finance to be able to undertake their responsibilities and fight climate change,” Shoukry said on the compensation of African countries for the impacts of global warming.

He added that this "relates to the importance of recognizing the just transition to renewable energy. They [developing nations] certainly need to continue their developmental objectives and to do so in a manner that is just equitable. They need the support of the developed nations in that regard.”

On finances, Shouky stated that the National Development Bank (NDB) has indicated that they are revising the conditions so as to provide finance more readily and at less cost to developing countries.

“We will put our faith in their commitment", he said, adding that "the general environment is somewhat stressful economically”.

Shoukry asserted that there is no opportunity for states or parties to backtrack.

“If we reach a point of no return, then I think we won't be able to speak about security in any sense. The global situation will continue to deteriorate and we will see the very devastating consequences, as was the case and most recently in Pakistan"  he said.

Shoukry said he is optimistic “parties will continue to understand the severity of the environmental crisis and that there is no way that we can avoid to do what we have committed to.”

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