Sharm El-Sheikh – Mahmoud Mohieldin — Egypt’s High-Level Climate Champion at the UN — said that the COP27 succeeded in pulling off an unprecedented historic achievement — Establishing a fund for losses and damages — adding that the fund is expected to have a transitional committee with specific tasks in its implementation over the next few months.
He also said that contributing to making history is an authentic Egyptian craft in reference to the establishment of this long-awaited fund, explaining that financing can go a long way in aiding climate action and mitigating harmful emissions. This includes efforts to adhere to the pledge to provide $100bn by developed countries to developing countries.
Furthermore, he highlighted how developing countries welcomed the fund, especially countries that have suffered billions of losses over the past two years and damage to their productive sectors as a result of climate change.
He also said that Egypt has managed to give attention to the issue of adaptation by linking it to some important life issues, such as food security, developing the water sectors, protecting beaches, and avoiding desertification, all of which requires huge funding.
The climate champion then stressed that the three substantive issues related to mitigation, adaptation, losses or damages can be resolved with huge investments and new projects to allow the economy and society as a whole to benefit from climate action efforts.