Positive results achieved by COP27
Establishment of a loss and compensation fund for poor countries
COP27 conference achieved a number of positive results at the level of Egypt and the world.
Gains have been achieved in Egypt، including mobilizing funding for the NWAFE program for financing and investing in climate projects from international financing organizations at an amount of $10 billion، in addition to the agreements and contracts signed during the Conference.
NWAFE program mobilizes investments exceeding $10 billion
Launching an action five-year program to promote climate technology solutions in developing countries
The Summit also contributed to conducting new partnerships and investments at the national level with development partners and the private sector in climate change projects، and to paveing the way for the private sector to the voluntary carbon market، so as companies can trade and sell carbon certificates.
The United Nations Climate Change Summit published a draft of the latest proposal to deal with the issue of losses and damages and includes an agreement to establish a compensation fund for developing and poor countries due to climate damages.
Egypt paved the way to the voluntary carbon market for the private sector
COP27 saw the launch of a new five-year program of action to promote climate technology solutions in developing countries and efforts to phase out coal-fired power and fossil fuel subsidies have been accelerated.
Anthony Guterres، UN Secretary General، announced a $3.1 billion plan to ensure that every person on the planet is protected through early warning systems within the next five years.