Currently, the main challenge is mobilizing the $300 billion target for climate finance, said Sameh Shoukry, former Foreign Minister of Egypt and President of COP27, during the panel discussion titled “Beyond Negotiations: The Fight to Keep COP Alive” held within the framework of the 13th Baku Global Forum, APA reports.
“It is important to ensure a balance of finance and responsibility between the Global North and the Global South in the fight against climate change, and the issue of climate finance remains one of the key priorities of international cooperation,” he said.
The former COP president emphasized that the main issue on the climate agenda is securing financial resources.
He added that to achieve these goals, not only governments but also the private sector, financial institutions, and economic development partners must actively join the process.
Shoukry stated that the global economy is still largely dependent on fossil fuels, and this factor affects processes related to the energy transition. According to him, although attention to renewable energy has increased, traditional energy resources still play an important role in the global economy.
The former Egyptian Foreign Minister noted that in the fight against climate change, the process under the UN Framework Convention on Climate Change (UNFCCC) remains the most effective platform at the global level and continues its activities despite the pandemic, economic downturn, and geopolitical tensions.
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