Dr. YasmineFouad, Minister of Environment, Ministerial Coordinator and Envoy of the Climate Conference, stressed that financing is one of the vital issues not only for developing countries, but for the COP27 climate conference in general, especially that the crises the world is witnessing in 2022 affects the need to finance adaptation. The figures show that we need about 300 trillion dollars for adaptation until 2030, and we always encounter that adaptation is not attractive to bank financing, and the search for the best ways to adapt, despite the link between the adaptation goal and the 1.5 degree Celsius warming goal.

During her speech at the “Financing Adaptation - Challenges and Opportunities” session, which was held on the sidelines of the 27th Conference of the Parties to the United Nations Framework Convention on Climate Change held in Sharm El-Sheikh, the Minister indicated the possibility of linking adaptation to investment, and translating adaptation measures into figures and monetary value to clearly evaluate the results. The Global Adaptation Commission indicated that investing $1.8 trillion globally in adaptation, whether early warning systems or climate-resilient infrastructure, could produce $7.1 trillion, and this is an equation that can be based on our discussion about financing and investing in adaptation.
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The Minister of Environment pointed out that the current discussions on adaptation financing are similar to previous discussions years ago on renewable energy, which were not attractive to bank financing and high cost, while we are now in the COP27 Climate Conference, the implementation conference, meeting to discuss how to equitably transition low-cost energy to accelerate climate action. Therefore, we aspire to repeat the same approach with adaptation to turn it into an implementable goal and invest in it, by focusing on 3 points, the first of which is accelerating access to a clear definition of the global goal for adaptation so that we can measure it to be an entry point for accessing adaptation financing, and changing the dialogue from restricting adaptation to developing countries to how Involve the private sector in the best way. .

The climate conference envoy gave an example of linking the path of climate agreements, biodiversity and desertification, which began years ago, and the time has become at the COP27 climate summit for a real implementation of this link, by focusing on ecosystem services and nature-based solutions, and involving the private sector, especially in the field of tourism, which It can represent an important source of income for developing countries, especially Africa, whose economy can depend on ecotourism.

The climate conference envoy also drew attention to the role of development partners as an important point for financing adaptation, by dealing with the risks of this financing to encourage countries to develop their national adaptation plans, calling on development partners during the COP27 implementation conference to present a model for overcoming policy and financing risks, and for everyone from the government and private sectors to participate. and development partners to work to overcome these risks.

It is worth noting that the session was attended by Pekka Morin, Finnish Deputy Minister of Finance and representative of the Coalition of Finance Ministers, in the presence of Dr. And Claire Costar, Head of ESG Financial Markets for the German Bank, with the aim of clarifying global warnings about discussing ways to secure the implementation of the adaptation goal, especially in developing countries, most of them African countries, as well as mechanisms for increasing adaptation programs through the government and private sectors and development banks.
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Rewriting & Editing:
Fatima Fathy