COP27 struggles to achieve a financing agreement for the climate agenda


Wael Aboulmagdadvisor to the president of the Climate Summit (COP27), has admitted that the delegations of the parties participating in the COP27 “advance” in their financing negotiation processes. This is a central and transverse element for all the elements that surround the climate agenda, as summarized in a press conference by the egyptian ambassador.

Aboulmagd has announced that, despite the fact that last Wednesday he focused on the financing of the climate transitionthe damage mitigation and the compensation due to the less developed countries due to the impact of climate change, this issue “It has not finished” and will continue “in every way and manner” at the negotiating table. “Financing is of a nature that crosses all fields. There will be no progress without financing, neither for mitigation, nor adaptation, nor now to give loss and damage funds. How finance is the common denominator and the catalyst to achieve everything around the climate agenda,” she explained.

The Egyptian diplomat has been succinct in pointing out that “all the issues are moving forward”, but that clearly “we are not near the end” out of the way on many issues that are on the table. “Nothing in the climate discussion is lifting a lever and having it resolved, it’s all part of a process. At the moment this presidency demands follow-up of the commitments so that this is not just a waste of time, only for the photo. Unless we follow up and get everything going it won’t make sense,” she said.

The official added, referring to the concerns of the countries of the Global South, that “in all the conversations” the idea is present that it is necessary to analyze if the financing towards these countries, which cannot deal with more debt on their economies, should be given through direct concessions. Aboulmagd also referred to the presence of many representatives of the fossil fuel industry in this COP27, which, as denounced in a report by the British NGO Global Witness, have multiplied their presence in relation to previous editions of the event. In his opinion, for the organization it is not a problem, since it is a industry “that is not out of the negotiations”.


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