Egypt's Int'l Cooperation Forum, COP27 to address financing of climate change adaptation: Shoukry

CAIRO – 7 September 2022: The Egyptian presidency of COP27 will adopt a clear approach to implement the Paris Agreement at an accelerated pace by addressing the gaps and deficiencies in the global system dealing with climate change, the Egyptian foreign minister said Wednesday.

During the International Cooperation Forum (ICF) 2022 in the Administrative Capital, Sameh Shoukry said COP27 will also enhance trust amongst all parties as each state implements the Paris Agreement.

The geopolitical crisis that has resulted from the Russian-Ukrainian conflict includes global soaring prices of energy, food, and interest rates. IFC is held by the Ministry of Foreign Affairs and the Ministry of International Cooperation only a couple of months ahead of COP27 to connect the two conferences as Egypt believes that all institutions, including international financial institutions and multilateral development banks, must cooperate for successful climate action, Shoukry added.

IFC and COP27 will both tackle means to mobilize funding to execute the terms of the Paris Agreement, especially at the level of financing adaptation and the mitigation of climate change repercussions of losses and damages.