COP27 President Shoukry stresses importance of climate finance at Copenhagen Climate Ministerial

Ahram Online , Tuesday 21 Mar 2023

Egypt's Minister of Foreign Affairs and President of UN Climate Change Conference (COP27) Sameh Shoukry reaffirmed the importance of climate finance, especially for developing countries, during the opening session of the Copenhagen Climate Ministerial on Monday.



The two-day meeting was co-chaired by Egypt, which held the presidency of COP27, and the UAE, which will hold the presidency of COP28.

It was the first high-level political gathering of its kind since COP27 was held in Sharm El-Sheikh in November 2022. 

The focus of the opening session was on financing climate action.

According to a statement issued by the foreign ministry following the meeting, Shoukry emphasised that "climate finance is the main pillar of efforts to confront climate change, especially in developing countries."

Thirteen years ago in Copenhagen’s COP15, advanced economies pledged $100 billion to help developing economies meet climate action goals. The pledge was endorsed by 2015’s Paris Agreement and a year later entered into force, with the goal of limiting global warming to 1.5 degrees Celsius.

In his speech, Shoukry highlighted the outcomes of COP27, which included a call to fulfill the pledge made at the Copenhagen.

It also included the establishment of a fund for losses and damages, the adoption of a new work program to mitigate the impact of climate change, the approval of an action plan for transition to and the expansion of renewable energy sources.

He also appealed to financing institutions and international development banks to increase their funding for climate action, facilitate the availability of financial resources and grants and launch several initiatives on climate financing, including a sustainable debt initiative.

Shoukry emphasised the need to intensify global climate efforts to achieve greater consensus and progress in meeting climate action goals, with the aim of successfully preparing for the upcoming COP28 climate conference, according to the statement.

During his visit, Shoukry held several side meetings, including with the Danish Minister Dan Jorgensen and the President of COP28 Sultan Al Jaber.

He also met with the British Minister of Energy Security and Net Zero Graham Stuart to discuss the current situation for implementing climate pledges and following up on the outcomes of COP27.

Egypt's top diplomat is scheduled to meet with the crown prince of Denmark, the Danish foreign minister, and the secretary general of the Council of Ministers of the Nordic countries, as well as representatives of the Maersk Group for International Maritime Transport to discuss bilateral cooperation and economic investment opportunities.

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