COP 27 president sheds light on pledges of funding climate action with $100B per annum

CAIRO – 21 March 2023: Minister of Foreign Affairs and COP 27 President Sameh Shokry co-chaired Monday the Copenhagen Climate Ministerial Meeting stressing in his speech that all parties involved in climate action must intensify efforts to reinforce congruence and achieve progress.

The minister presented the outcomes of COP 27 hosted by Egypt in Sharm El Sheikh in November, and that are the establishment of the loss and damage fund; adoption of a new action plan on mitigation; and, endorsement of the first action plan on fair energy transition.

Minister Shokry further underlined that climate funding is essential for accomplishing mitigation, specifically in developing countries, and that the availability of funding would only happen through fulfilling pledges pertinent to providing $100 billion per annum and doubling financing to adaptation projects.

The minister called on international financing institutions to mobilize funds to climate action, and facilitate access to funding and grants, pointing out to the sustainable debt initiative Egypt's presidency of COP 27 had launched.