Baku: Currently, the main challenge is mobilizing the $300 billion target for climate finance, said Sameh Shoukry, former Foreign Minister of Egypt and President of COP27, during the panel discussion titled 'Beyond Negotiations: The Fight to Keep COP Alive' held within the framework of the 13th Baku Global Forum, APA reports.

According to Azeri-Press News Agency, Sameh Shoukry highlighted the importance of ensuring a balance of finance and responsibility between the Global North and the Global South in the fight against climate change. He identified climate finance as one of the key priorities of international cooperation. The former COP president emphasized that securing financial resources is the main issue on the climate agenda.

Shoukry pointed out that achieving these goals requires the active involvement of not only governments but also the private sector, financial institutions, and economic development partners. He explained that the global economy's dependence on fossil fuels continues to influence the energy transition. Despite increased attention to renewable energy, traditional energy resources maintain a significant role in the global economy.

The former Egyptian Foreign Minister also noted the effectiveness of the process under the UN Framework Convention on Climate Change (UNFCCC) as a global platform in the fight against climate change. He stated that the UNFCCC continues its activities despite challenges such as the pandemic, economic downturn, and geopolitical tensions.