Egypt calls for establishing a new global fund for biodiversity that provides access to financing and benefit-sharing, the Ministry of Environment said in a statement on Saturday.
Minister Yasmine Fouad made her remarks at the 15th UN Biodiversity Conference (COP15) that is chaired by China and is held in the Canadian city of Montreal from 7-19 December.
Establishing a biodiversity fund that is capable of providing the required support is a long-term process, yet it has become an urgent necessity, the minister said.
The fund should provide independent and equal financing and serve as a governing structure that allows both developed and developing countries to be part of the decision-making process.
Fouad further added the fund will serve as a transitional entity until 2025, as negotiations continue on creating an integrated fund that honours pledges and narrows the biodiversity financing gap.
Last month, the 27th UN Climate Change Conference (COP27) in Egypt’s Sharm El Sheikh closed with a breakthrough agreement to establish a new loss and damage fund for vulnerable states to face the climate change impacts.
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