On November 9, 2022, the pressing issue of climate finance kicked off COP27’s Thematic Days Agenda by reiterating it as a cornerstone for implementing climate action to save lives and livelihoods around the world.
“Financing underpins the development of an energy transition pathway for Africa, but the unsustainable levels of public debt countries are managing acts as a block on advancing necessary climate initiatives,” said COP27 President H.E. Sameh Shoukry.
Finance Day featured a robust program of 26 events including a Ministerial roundtable and saw the launch of the “Reducing the Cost of Sustainable Borrowing,” initiative. At the opening ceremony, Egyptian Prime Minister H.E. Dr. Mostafa Madbouly, spoke to the significance of Finance Day, featuring an intensive program that included the discussion of topics that encourage the finance sector to assist the transformation to a sustainable economy.
Access to low-cost finance was further addressed, with pragmatic solutions, deals, commitments, and pledges to reduce the cost of green loans.
During the day, several panels took place including:
- Mobilizing Finance for Climate Action
- Reducing Cost of Green Borrowing
- High-Level Dialogue CIF Force of Nature
- Special Role of MDBs/Commercial Banks/Philanthropies in Climate Finance
The sessions provided a chance for Finance Ministers from the parties to reassert their commitments to climate action, along with a call to acknowledge and commit finance for loss and damage.
Also, The “Sharm El-Sheikh Guidebook for Just Financing” was launched during a panel discussion that took place during COP27’s Finance Day. The Guidebook aims to translate commitments into implementable projects, while capturing opportunities to leverage and catalyze needed finance and investments to support climate action.
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