COP27 made historic and unprecedented achievement: UN Climate Change High Level Champion for Egypt

CAIRO – 21 November 2022: “The COP27 made a historic and unprecedented achievement by founding the Loss and Damage Fund,” said UN Climate Change High Level Champion for Egypt and UN Special Envoy on Financing the 2030 Sustainable Development Agenda Mahmoud Mohieldin.

He announced that the transitional committee that has been announced at the closing plenary on Sunday for the governance of the Loss and Damage Fund will implement its tasks in the coming few weeks and months.

The presidency of COP 27 announced early on Sunday that "parties agreed to the establishment of a long-awaited loss and damage fund for assisting developing countries that are particularly vulnerable to the adverse effects of climate change."

Besides the establishment of the fund, the parties announced that they will keep on the Paris Agreement “intact,” saying “no backsliding or backtracking as commitments reaffirmed and strengthened despite global headwinds.”

“Progress achieved across the board at climate change talks and 1.5°C goal still in sight,” the Egyptian Presidency of the COP27 added on Sunday. It also called upon multilateral financial institutions and banks to “priorities to ensure simplified access to climate finance.

COP27 held in Sharm El-Sheikh city starting from 6 November under the theme “Together for Implementation” was set to conclude its proceedings on Saturday.

The Egyptian presidency of the conference has repeatedly vowed to work on turning climate pledges into real action on the ground, including by ensuring that developed countries fulfill their climate commitments regarding finance and loss and damage.