Minister of Foreign Affairs Sameh Shoukry — the President-Designate of the 27th Conference of Parties to the United Nations Framework Convention on Climate Change (COP 27) — met with Executive Director of the Green Climate Fund Yannick Glemarec this week to discuss the ongoing preparations for Egypt to host the COP 27 this November in Sharm El-Sheikh.
Glemarec asserted that the fund is the largest financing tool in the world and focuses on transformation in four sectors, including the energy and climate sectors, in addition to developing infrastructure and improving the standard of living for citizens.
It is worth noting that the Green Climate Fund was established by the United Nations Framework Convention on Climate Change (UNFCCC) in 2010 in order to operate the financing mechanism to fulfil the Climate Change Agreements with the aim of supporting developing countries in financing programmes, policies, and projects to mitigate greenhouse gas emissions and enhance their ability to adapt to the negative effects of climate change.
In addition to achieving a balance between the financing provided for adaptation and mitigation projects and working to allocate at least 50% of finances for countries that are particularly vulnerable to the risks of climate change.
The fund also provides capacity building and technical support for developing countries to enhance access to climate finance to strengthen institutional capacities and governance mechanisms, planning and programming frameworks to define and implement a transformative long-term climate action agenda for developing countries. Additionally, the fund provides support for the preparation of national plans for climate change adaptation.
