The head of the Cabinet Information Center (IDSC) and Assistant to the Prime Minister of Egypt Osama El-Gohary participated on Monday in a discussion panel entitled: “Political and Strategic Issues Facing International Climate Action” on the sidelines of the COP28, held in Dubai, UAE.
In his speech, El-Gohary praised the UAE government for successfully organizing the conference and for the great participation from various countries and leaders.
He also commended the conference for adopting a decision to activate the Loss and Damage Fund, which was established during the previous session of the COP27 conference in Sharm El-Sheikh to help the countries most affected by the effects of climate change.
El-Gohary underscored that since 2009, the international community has recognized the importance of mobilizing financial resources to support countries that are most affected by the challenges of climate change. "The goal was to mobilize $100 billion annually by 2020, but unfortunately, the world has not made progress in that direction since then."
IDSC Chairman called for the strengthening of the governance of climate financing and the implementation of sustainable budgeting mechanisms. He also emphasized the need to monitor the efficiency of financing sources and provide mechanisms for innovative financing in light of the challenges facing developing countries.
He concluded his speech by encouraging the participation of the private sector in climate financing by creating an environment that supports climate investment and developing new models for multilateral financing.
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