SHARM EL-SHEIKH, Egypt (AP) — Egypt is running to close gaps between negotiating parties at the U. N. climate convention as negotiators finalize draft agreements Saturday as the first week of the summit ends at the Sharm el-Sheikh hotel hotel.
Environment Minister Yasmine Fouad said the biggest challenge for Egypt as a host country is to have “convinced negotiators on other issues,” adding budget for nations to adapt to climate change and consensus on “loss and damage” — financing industrialized countries to poorer ones. . , other vulnerable people suffering climate-related harm.
Speaking to The Associated Press at the weather summit, also known as COP27, Fouad said the host country is also running to bring forward the work schedule to restrict warming to 1. 5 degrees Celsius (2. 7 degrees Fahrenheit) from pre-industrial times, in line with the Paris Agreement. Egypt said it would press other countries to enforce climate pledges made at previous conferences.
Financing is another major challenge for emerging countries to reduce emissions, shift to renewable energy, and protect their vulnerable communities from climate impacts such as droughts and floods. For the first time, the schedule of this year’s summit also included the loss and damage factor.
Rich countries have already failed to deliver on their promise to mobilize $100 billion a year until 2020 in climate finance for poor countries. This has opened a hole of mistrust that negotiators hope to fill with new compromises. The target will be set from 2025, according to some countries.
Egypt wants $264 billion in investments over the next seven years to meet its adaptation and mitigation agenda, the minister said. Much of the country’s infrastructure relies on fossil fuels, and its coastal regions, comprising portions of the thriving Nile Delta, are threatened by emerging sea levels.
Egypt, the most populous Arab country with more than 104 million inhabitants, is already facing economic challenges, in part due to the COVID-19 pandemic and the ongoing Russian war in Ukraine.
The Egyptian government has in recent days announced several deals with Western countries and global progress banks to make their energy and shipping sectors whiter, adding a $500 million package to finance and facilitate its blank energy transition. The package, which he announced Friday through the U. S. president. U. S. Joe Biden would help Egypt meet its goal of generating 42 percent of its electricity production from renewable resources by 2030, five years ahead of schedule.
In recent months, environmental teams have criticized the government for razing green spaces and cutting down trees lining streets as part of sweeping urban redevelopment projects that are transforming much of historic Cairo, adding the notorious Heliopolis district.
The Associated Press’ climate and environmental policy is backed by several personal foundations. Read more about PA’s climate initiative here. The AP is only for all content.
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