The Transitional Committee of the Conference of the Parties to the UN Framework Convention on Climate Change (COP27) held its first meeting in Luxor on Monday to make recommendations on how to operate the Loss and Damage Fund at COP28 this year.
The meeting, which lasts till Wednesday, comes as part of the follow-up to the outcomes of COP27 in Sharm El-Sheikh, on financing arrangements to respond to losses and damages related to the negative effects of climate change.
COP27 President Sameh Shoukry delivered a recorded speech at the opening of the meeting, in which he stressed the great responsibility of the Committee to implement the historic agreement reached at the Sharm El-Sheikh Conference, in response to the aspirations of communities suffering from the negative effects of climate change.
He noted that according to the latest scientific recommendations, especially the recent report of the Intergovernmental Panel on Climate Change (IPCC), the worsening of the climate crisis carries huge economic burdens for countries, and is expected to increase three times by 2050.
Shoukry said that as chairman of the conference, he would continue to support the work of the committee so that it could achieve the desired results by the next conference in the UAE.
On his part, Simon Steel, Executive Secretary of the UN Framework Convention on Climate Change (UNFCCC), stressed in his speech that the mission of the Committee is primarily aimed at developing and adapting the international climate system to be able to protect the lives of millions of people suffering the effects of climate change, including through the creation of innovative financing means to finance efforts to respond to the losses and damages of climate change.
The 24-member Transitional Committee (14 from developing countries and 10 from developed countries) is expected to make recommendations to COP28 on funding arrangements for losses and damages, mechanisms for establishing the fund, and identify innovative sources of funding to deal with them.
The Egyptian presidency team of COP27 organized a retreat for members of the Transitional Committee in Luxor before the start of the official meeting, which was managed by Ambassador Mohamed Nasr, chief negotiator of the Egyptian presidency and director of the Department of Climate, Environment and Sustainable Development at the Ministry of Foreign Affairs. The retreat aimed to pave the way for the committee’s work, build trust among members, enable them to agree on most organizational and procedural issues, and consult on topics that will be addressed at its first meeting.