Egyptian Minister of Foreign Affairs Sameh Shoukry speaks a recorded speech during the inauguration of the first official meeting of the Transitional Committee of COP27 on funding for vulnerable communities hit by climate disasters on Monday 27 March, 2023. Photo courtesy of Egyptian Ministry of Foreign Affairs Facebook page.
This came in a recorded speech during the inauguration of the first official meeting of the Transitional Committee of COP27 on funding for vulnerable communities hit by climate disasters, held in the Upper Egyptian city of Luxor from March 27-29, to prepare for establishing the loss and damage fund.
Shoukry shed light on the climate phenomena which threaten many world countries, especially African states and other developing countries.
The foreign minister pointed out to a report issued by the Intergovernmental Panel on Climate Change (IPCC) warning that the worsening climate crisis would triple the economic burdens of countries by 2050.
He expressed support for COP28 due to be held in the United Arab Emirates later this year.
For his part, UN Climate Change Executive Secretary Simon Stiel said that the committee's task is to protect the lives of millions of people who suffer from the bad effects of climate change and to find mechanisms to finance the loss and damage fund.
He added that the transitional committee, established during the Sharm El-Sheikh conference and consisting of 24 countries, 14 of which are developing countries and 10 advanced countries, is anticipated to issue recommendations on the structure of the loss and damage fund during COP28 in the UAE, with the goal of identifying funding mechanisms.