Egypt’s Minister Calls for More Climate Finance, COP28 President Questions Fossil Fuel Phase-Out

Egypt’s Minister of Environment Yasmine Fouad emphasized the urgent need for significantly increased climate change adaptation funding, in comments made during a high-level Global Stocktake event at the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28) on 2 December, while COP28 President Sultan Al Jaber’s leaked remarks challenging the scientific basis for phasing out fossil fuels stirred controversy.  Fouad stated that developing countries require USD 160 billion (EGP 4 trillion) annually, a considerable increase from the current USD 22 billion (EGP 600 billion) provided. The minister highlighted the need to expedite debt management mechanisms in developing countries and quadruple adaptation funding. President Abdel-Fattah El-Sisi also called for measures to address climate crisis costs including joining the Sustainable Debt Alliance initiative and supporting the Bridgetown Accord on 1 December. The Accord aims to tackle existential crises gripping the world, including the COVID-19 pandemic, the climate emergency and rising inequality and vulnerability, all of which are disproportionately affecting the Global South and Small Island Developing States. Conference President Sultan Al Jaber questioned the necessity of phasing out fossil fuels to meet climate goals on COP28’s…