The Egyptian Environment Minister, Ministerial Coordinator and Envoy for COP27 Yasmine Fouad announced the kick-start of the United Nations Climate Change Conference (UNCCC) COP27 ‘s deliberations, with the “Financing Day” on head of the gathering’s topics.
Fouad said in exclusive statements to MENA – on the sidelines of COP27 on Wednesday – that financing is crucial, with a view to implementing climate measures and key part of the UN Framework Climate Change Convention (UNFCCC) and Paris Agreement negotiations.
Last year, Glasgow Summit underscored the importance of financing to make progress in all topics on the agenda of the climate conference, she added.
Financing also includes loans, grants and other mechanisms, covering innovative and hybrid financing and political and financial tools that are capable of promoting and expanding financing sources, according to her.
She said a most important challenge facing the African continent is limited financing sources for climate action and difficulty to reach finance resources, which, she added requires finding innovative and creative financing mechanisms along with building African capabilities to meet needs of the continent.
However, A session, entitled “Financing Climate At Age of Various Crises” kicked off Wednesday, in the presence of Prime Minister Moustafa Madbouli on the sidelines of COP27, currently in session in the Red Sea resort city of Sharm el-Sheikh.
The session is held as part of activities of the “Financing Day.”
This event will be attended by Finance Minister Mohamed Maait , as well as finance ministers of several countries participating in the climate gathering, along with heads of regional and international financing agencies and directors of a number of global banks.
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