COP27 concluded with agreement on financing developing countries

Foreign Minister and President of the UN Climate Change Conference, COP27, Sameh Shoukry said COP27 concluded with an agreement on financing developing countries to face up to the negative impacts of climate change.

During a press conference on Sunday following the wrapping up of the two-week COP27 climate summit, held at the Red Sea resort city of Sharm el-Sheikh, with the participation of 112 heads of state and government, the foreign minister said that participants agreed on setting up a “loss and damage” fund to encounter key daunting related-climate challenges besetting world countries, especially developing nations.

Shoukry said the landmark agreement is a historical achievement that came to crown African countries 27-year-long demand for the move, thus attesting to the gathering’s success, as well as Egypt’s outstanding organization of the event.

According to the Egyptian foreign minister, COP27 is an action conference, that has taken on its shoulders since day one, and even during the event’s preparations to entrench the importance of moving toward accelerating global climate actions.

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