CoP 27 and the importance of finance

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CoP 27 and the importance of finance

CoP 27 is underway in Egypt, and one of the key issues concerns finance. For the implementation of climate actions and to increase ambitions in this regard. The day dedicated to finance addressed several aspects of the climate finance ecosystem, including, but not limited to, innovative and mixed finance and financial instruments, policies that have the potential to improve access, increase of funding and the related contribution to the necessary transition.

Here is the statement regarding the finance day at CoP27: "The day dedicated to financial commitments for the implementation of climate actions, at the center of the UNFCCC process and the negotiations of the Paris agreement Finance Day will address different aspects of the climate finance ecosystem, including but not limited to innovative and blended financial instruments and financial instruments, instruments and policies that have the potential to improve access, increase finance and contribute to the planned and necessary transition, including those related to environmental trade debt.

Finance day also includes the holding of one or more of the events envisaged by the mandate, including the round table on ministerial finance." UN Secretary-General Antonio Guterres said: "This UN Climate Conference reminds us that the answer is in our hands.

And time is running out. We are fighting. And we are losing. Greenhouse gas emissions continue to rise. global temperatures continue to rise, and our planet is rapidly approaching tipping points that will make climate chaos irreversible.
We are on a highway to climate hell with our foot still on the accelerator.

But climate change is on a different timeline and on a different scale. It is the determining problem of our age. It is the central challenge of our century. The science is clear: any hope of limiting the temperature rise to 1.5 degrees means achieving global net zero emissions by 2050.

But that 1.5 degree target is on life support and the machines are shaking. We are approaching dangerously the point of no return. And to avoid that terrible fate, all the G20 countries must accelerate their transition now, in this decade.

This is why at the beginning of COP27 I ask for a historic pact between developed and emerging economies: a climate solidarity pact. A pact in which all countries make an extra effort to reduce emissions this decade in line with the 1.5 degree target.

A pact in which richer countries and international financial institutions provide financial and technical assistance to help emerging economies accelerate their transition to renewable energy. A pact to end dependence on fossil fuels and the construction of new coal-fired power plants, phasing out coal in OECD countries by 2030 and everywhere by 2040.

A pact that will provide universal, accessible and sustainable energy for all. A Pact in which developed and emerging economies unite around a common strategy and combine skills and resources for the benefit of humanity."