UN Climate Conference Opened In Egypt In Hopes To Turn Finance Pledges Into Action

SHARM EL-SHEIKH– The 27th Conference of the Parties of the United Nations Framework Convention on Climate Change (COP27), opened yesterday, in Egypt’s coastal city of Sharm El-Sheikh, in hopes to turn global climate finance pledges into action.


During his speech at the opening ceremony, Egyptian Foreign Minister and COP27 President, Sameh Shoukry, stressed the need to confront the negative effects of climate change, during the two-week conference, where more than 120 world leaders will seek possible solutions to climate change challenges.


“Climate change threatens human life and the development pattern in industrial field, which is no longer sustainable must be changed because this will lead to dire consequences,” he warned.


“We have witnessed this year, painful events in Pakistan, the African continent and various parts of Europe and America. All these events and the destruction and impact represent a lesson to be learned, and alarm all over the planet … to more precaution, and to act quickly, to take all necessary measures as per our commitments and pledges,” he said.


He also underscored the importance of participation of non-state actors, including the private sector, banks, international finance institutions, civil society, youth associations and indigenous associations, for the sake of an efficient implementation of pledges and commitments.


“Climate change-related efforts over the past decades were remarkably polarised, which slowed down progress of the negotiations,” Shoukry said, adding, the pledge to mobilise 100 billion U.S. dollars per year has not yet been honoured.


Meanwhile, Alok Sharma, president of COP26, hosted in Glasgow, Scotland, urged unity, to keep the 1.5-degree-Celsius goal within reach, highlighting the important role finance play in this conference. “We know that we have reached a point where finance makes or breaks the progress of the programme ahead of us,” he noted.


“This summit must be about concrete actions, and I hope, when the world leaders join us, they will explain what their countries achieved during the last year and how they will go further,” the British politician said.



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