The announcement was made on Friday by Egyptian Foreign Minister Sameh Soukry in his capacity of president of the 27th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP27).
Shoukry urged the government negotiators to make additional efforts and warned that ‘time is not on our side given the number of outstanding issues such as financing and the reduction of pollutant gas emissions.
Additional efforts are needed, Shoukry warned on Thursday during a joint press conference with UN Secretary-General António Guterres.
While some of the discussions were constructive and positive, others did not reflect the expected recognition of the need to move collectively to address the seriousness and urgency of the situation, he said.
Faced with the insistent demands from the least developed nations, the European Union informed on Friday that it will accept the creation of the fund with conditions, a move that raised suspicions here.
European Commission Vice President Frans Timmermans announced ‘a final offer’ from the bloc with two conditions: support for the most vulnerable countries and a broad donor base.
We are reluctant to build a fund for this issue because we believe that there are existing mechanisms, but given their insistence, we accept it, the official said, referring to the G77, which groups 134 countries.
Along with the United States, the EU and other developed nations are at the center of criticisms due to their refusal to support the creation of such a mechanism.