Dr Mahmoud Mohieldin, UN Climate Change High Level Champion for Egypt and UN Special Envoy on Financing 2030 Sustainable Development Agenda, said that COP27 made a historical and unprecedented achievement by establishing Loss and Damage Fund that will be financed and a transitional committee will implement its specific tasks during the coming few weeks and months.
Mohieldin said, referring to the long waited establishment of the fund, that "Contribution to make history is an authentic Egyptian craft".
He added that COP27 made the focus also on all aspects of climate action finance including financing harm emissions reduction, and pushing towards the fulfilling of the developed countries pledge of the annual 100$ billions to finance climate action in the developing countries although it does not exceed 10% of the required finance for energy transition in the developing countries -excluding China-, stressing that fulfilling this pledge will be under observation with considering that the international public finance supports the private sector investments.
"The developing countries welcomed the fund's establishment, especially those that suffered losses that cost billions of dollars in the last couple of years with their productive sectors got harmed such as Pakistan and Bangladesh, beside the losses in lives." Mohieldin said.
Mohieldin stated that Egypt succeeded in focusing attention on adaptation measures through linking it to daily life important issues including food security, water management, saving coasts, preventing desertification and saving forests, which all need big amounts of finance.
"Dealing with mitigation, adaptation, loss and damage requires huge investments, sufficient finance and projects implementation in a way that makes the economy and the whole society benefit from climate action." Mohieldin concluded.
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