How are projects aimed at mitigating climate change, adapting to the changes created by the environmental emergency, and compensation for the damage financed? This “existential threat to humanity” will be the main themes of the next period. COP27 will be held in Egypt in November.
This was stated in a telematics meeting with the press by Wael Abulmagd, special representative of the COP27 presidency, and he insisted that the meeting would revolve around the idea. It is time to move from negotiation to implementation and from promises to action on the ground.”
Abulmagd, Egypt’s ambassador to Brazil and his country’s negotiator at COP26, recalled that the estimates were calculated as follows: By 2050, climate change could mean the loss of 4% of the global economy.l mainly affects less developed countries, and five million people die from extreme temperatures each year.
Therefore, six years after the signing of the Paris Agreement on reducing greenhouse gas emissions, in which its operational dimensions were negotiated, “reassured that the time has come to move from negotiation to implementation, from promises to actions on the ground,” reports Efe.
In this sense, he referred to the other axis of COP27. It will be held in the tourist city of Sharm El Sheikh on the Red Sea coast from 6 to 18 November.He insisted that private sector involvement would be necessary, which would consist of deciding how to finance agreements on mitigation and, above all, adaptation.
“We need creative ways to design finances, we need to encourage the private sector to step up. and invest and we need to approve projects that can be supported, that can attract trillions of dollars of private money that they want to invest in climate change.”
On the other hand, Abulmagd accepted it. The current war in Ukraine will affect COP27 He warned that due to the scenario of inter-bloc conflict it causes and the “hostility it will create among the participants”, this tension could be used as “an excuse not to deliver on the funding promise”.
Given this situation, he urged the parties to “put aside their differences” and work with “ambition” and “responsibility” to address a global crisis that affects “all equally”.
Source: Informacion
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