inister of Environment Yasmine Fouad discussed with Harjit Sagan — Canada’s Minister of International Development, who is also in charge of the Canadian Pacific Economic Development Agency — areas of cooperation in climate change, biodiversity, and financing adaptation measures.
The meeting comes within Egypt’s preparations to host the UN Conference of Parties on Climate Change (COP27).
Fouad also praised the Canadian side’s support for the biodiversity file and Canada’s hosting of the COP15 Conference on Biological Diversity at a critical time for the world that cannot be delayed in issuing the biodiversity action map beyond 2020, for which Egypt made a strenuous effort to prepare a draft during its presidency of the previous biodiversity conference.
Moreover, the minister stressed that the COP27 will be an implementation conference and seeks to provide an opportunity for all parties to come up with more practical and implementable results by working on the Canadian proposal at the COP26 Glasgow Climate Conference to double funding for adaptation.
She explained that the biggest challenge is developing countries’ access to financing, especially in light of adaptation movements and the national adaptation plans of individual countries, which will put before the conference an urgent need to discuss increasing the volume of climate finance and mechanisms to facilitate access to it.
The minister added that asking countries to update their national contribution plans demonstrated the need to find adaptation projects that attract bank financing, especially since mitigation projects are more attractive for financing and investment.
For his part, Sagan indicated his country’s keenness to advance the climate action agenda and climate finance, especially those related to adaptation, and to provide support for real implementation, come up with ideas and projects that can be financed and implemented, and provide advanced technologies in this field, praising Egypt’s orientation towards food and water security projects.
He also praised the Energy, Food, and Water Nexus Project, stressing that the world needs real development in investment based on the national capabilities of countries.