UN Climate Change High Level Champion for Egypt and UN Special Envoy on Financing 2030 Sustainable Development Agenda, Dr Mahmoud Mohieldin, said that COP27, held in Sharm el-Sheikh last month, made significant progress regarding the file of loss and damage (L&D) resulted from climate change, besides achieving tangible progress in pushing adaptation measures forward.
Mohieldin stated, during a virtual meeting yesterday, that COP27 succeeded in bringing back the loss and damage file to the priorities of the international climate action agenda in a way that resulted in establishing Loss and Damage Fund in which developed and developing countries will both participate.
He announced that a number of meetings are expected to be held in the coming period to discuss the structure of the fund and its work mechanisms. He referred, in this context, to the Early Warning System Initiative proposed during the conference by the UN Secretary General Antonio Guterres as an important move regarding L&D file.
“COP27 made tangible progress regarding the importance of reforming the international financing system in a way that would help achieve climate targets within the framework of achieving the SDGs.
It also made progress in terms of adaptation measures through launching Sharm el-Sheikh Adaptation Agenda, which aims to achieve resilience through projects in the sectors of food and agriculture, water and nature, coasts and oceans, human settlements, and infrastructures, with focus on factors of finance and planning,” Mohieldin said.
The climate champion stated that COP27 succeeded in maintaining the already set goals regarding mitigation and decarbonisation measures through reiterating the importance of committing to the Paris Agreement and sticking to achieving 1.5 degree goal of global warming.
Mohieldin stressed the necessity of bridging the finance gap to ensure that all climate action aspects are implemented. He explained that developing countries and emerging markets need 1$ trillion annually to finance mitigation measures until 2025, and 2.4$ trillion annually until 2030.
He noted that COP27 focused on the actual implementation of climate action, adding that COP28 in UAE next year has to set responsibilities of all parties and entities and monitor commitment to these responsibilities, besides building on the outcomes of Sharm el-Sheikh and Glasgow COPs to move forward in achieving climate targets.
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