File Photo: Mahmoud Mohieldin
Around 200 countries at the 27th UN Climate Change Conference (COP27), which concluded on Sunday in the Egyptian Red Sea city of Sharm El-Sheikh, reached an agreement to establish a funding mechanism to compensate vulnerable nations for loss and damage from climate-fueled disasters.
In a statement issued on Sunday, Mohieldin said that COP27 focused on all aspects of climate action including financing the reduction of harmful emissions and pushing towards the fulfilment of developed countries' pledge of an annual $100 billion to support developing countries.
Mohieldin stressed that this amount does not exceed 10 percent of the required financing for the energy transition in developing countries – excluding China.
“The developing countries welcomed the fund's establishment, especially those that suffered losses that cost billions of dollars in the last couple of years as their productive sectors were harmed, as was the case with Pakistan and Bangladesh, besides the losses in lives,” he said.
The climate champion said that Egypt succeeded in focusing attention on adaptation measures by linking them to the essentials of daily life including food security and water management, as well as saving coasts, preventing desertification and protecting forests, all of which need large amounts of finance.
“Dealing with mitigation, adaptation, loss and damage requires huge investments, sufficient financing and project implementation in a way that makes the economy and all of society benefit from climate action,” Mohieldin said.