Luxor, 28 March 2023 (TDI): Egyptian Foreign Minister and President of the 27th session of the UN Climate Change Conference (COP27), Sameh Shoukry stressed the implementation of agreements during the first official meeting of the Transitional Committee of COP27 on funding for vulnerable countries.

The President of COP27 reaffirmed the importance of activating a breakthrough agreement to provide “loss and damage” funding for vulnerable countries hit hard by climate disasters.

Foreign Minister Shoukry highlighted the climate phenomena which have threatened many world countries African states and other developing countries.

He pointed out 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.

During the meeting Transnational Committee of COP27, Minister Shoukry extended his support for the COP28 which will be held under the presidency of UAE.

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During the meeting, United Nations Framework Convention on Climate Change (UNFCC) Executive Secretary, Simon Stiel highlighted the committee’s task

He said that “the priority 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, are 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.

Notably, the first official meeting of the Transnational Committee of COP27 is underway in Luxor, Egypt.