Participants are seen in silhouette as they look at a screen showing a world map with climate anomalies during World Climate Change Conference 2015 at Le Bourget, near Paris, France, December 8, 2015. REUTERS
CAIRO - 6 October 2021: Environment Minister Yasmine Fouad said market mechanisms and some policies need to be reconsidered in order to provide climate finance for countries.
The minister made her remarks on Tuesday on the sidelines of the second Union for the Mediterranean (UfM) ministerial conference on environment and climate action, hosted by Egypt.
She pointed out that priorities and needs should be also identified to secure such sustainable funding, noting that the application of the public funding system could encourage the private sector to take part in climate-related projects.
The minister added that the market mechanisms, including supply and demand and creating a favorable climate to attract investment, need to be boosted in order to overcome any climate challenges.
US Climate Envoy John Kerry revealed that Egypt has been already chosen as the nominee to host the next session of the UN Climate Change Conference (COP 27) in 2022.
This comes as a country is chosen each year to represent a different region of the world and host the COP meeting as the president of the conference.
At a virtual meeting of the Heads of State and Government on Climate Change on slides of the 76th session of the UN General Assembly (UNGA 76) earlier this month, President Abdel Fattah El Sisi called for the necessity to seriously deal with any unilateral measures that contribute to exacerbating the consequences of climate change.
“This sets within the framework of adaptation to climate change, which is a top priority for developing countries, especially in the African continent,” he said.
He added that Africa “suffers from severe consequences of climate change, especially the consequences that relate to water scarcity, drought, land desertification and the threat to food security.”
Sisi also affirmed that Egypt is looking forward to hosting the 2022 climate conference (COP 27), on behalf of the African continent, saying “Egypt will work to make a significant turning point in climate in partnership with all parties, for the benefit of the African continent and the world.”
The President also called upon the developed countries to shoulder their responsibilities for reducing CO2 emissions in implementation of their international commitments, within the framework of the Paris Agreement and the UNFCCC, especially following the recent large-scale forest fires in various regions around the globe.
“Climate change has become a terrifying reality that calls for an immediate action to confront it,” he said.
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