Egypt's Minister of Environment, Yasmine Fouad, held several bilateral meetings on the sidelines of her participation in the preliminary part of the COP29 in Baku, Azerbaijan. The meetings aimed to discuss the latest developments in the consultations on the new quantitative collective target for climate finance. The Minister of Environment met with Grace Fu Hai Yin, Minister of Sustainability and Environment in Singapore, and her accompanying delegation, and the heads of the American and Chinese delegations, in the presence of Ambassador Wael Abu El-Magd, Assistant Minister of Foreign Affairs, and Amr Osama, Advisor to the Minister for Climate Change.
During her bilateral meetings, the Minister of Environment discussed what was reached during the consultations that took place in the past days and under her presidency and the Australian side of the ministerial team concerned with facilitating the consultations on the new quantitative collective target for climate finance, from points of disagreement and agreement on the new target, efforts to reduce areas of disagreement, and the political support that the presidents can provide through participation in the consultations to reach an agreement on this target.
Fouad stressed her keenness to address the needs of developing countries, the importance of achieving a balance between the needs of developing and developed countries, that the new funding target meets the needs of developing countries, and that a large part of it be allocated to measures to adapt to the effects of climate change, which is a priority for those countries.
The Egyptian Minister of Environment stressed the importance of providing a good mechanism for reporting on the funding monitored and programmed from developed countries, that the reporting process is in an agreed-upon manner, and that ensuring that funding reaches the most affected countries effectively.
