Egypt’s Environment Minister, Yasmine Fouad, participated in a ministerial session on financing arrangements to deal with the losses and damages caused by climate change, as part of the 15th session of New York Climate Week.
The session aimed to address the issue of loss and damage, which refers to the adverse impacts of climate change that cannot be avoided or adapted to, and to mobilize political participation to enhance the outcomes of the upcoming COP28.
Fouad said that it is necessary to prepare early for COP28 by increasing the funding for mitigation and adaptation projects to reduce the effects of climate change. She also stressed the need to activate the Loss and Damage Fund, which was approved during COP27, to help the countries that are most vulnerable to the effects of climate change.
The Environment Minister said that all the ministers from developed and developing countries who participated in the session agreed on the importance of establishing and activating this fund at COP28. She also emphasized that this fund should be additional to the existing financing for other climate issues and should target the countries that are most in need.
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