BEGIN:VCALENDAR VERSION:2.0 PRODID:unctad.org BEGIN:VEVENT UID:6a7bda3b3822b DTSTART:20221005T123000Z SEQUENCE:0 TRANSP:OPAQUE DTEND:20221005T143000Z LOCATION:Virtual meeting\, SUMMARY:COP27 High-level Event: Debt and Climate Change - Innovative Soluti ons to Climate Finance CLASS:PUBLIC DESCRIPTION:This is the first event in the COP27 High-level Event Series co -hosted by UNCTAD\, the COP27 Presidency\, the UN Climate Change High-leve l Champion\, and the Permanent Mission of the Arab Republic of Egypt to th e UN in Geneva.\n\n\nAmbitious and effective climate action at the nationa l\, regional and international levels depends on the availability of adequ ate and predictable financing. However\, developing countries are sufferin g from debt distress at the same time as dealing with higher risks and rel ative costs of climate impacts. Less fiscal space means less capacity to r espond to disasters\, adapt to the impacts of climate change or invest in resilience and low carbon development pathways\, hence perpetuating a vici ous cycle that forecloses both debt sustainability and climate action.\n\n In the current global environment of a growing financial crisis\, rising i nterest rates\, and a strengthening dollar\, developing countries are faci ng weakening currencies coupled with heavy debt servicing repayments which are pushing them to the brink of insolvency. In the absence of any multil ateral mechanism to respond to debt distress\, policy solutions have thus far been piecemeal and ineffective. This prolongs the economic crisis and prevents governments from achieving collective climate and development goa ls.\n\nAt the same time\, the current level of climate finance as well as the nature of instruments available are inadequate to secure adaptation an d mitigation strategies or deal with the ongoing climate challenges facing developing countries. Despite efforts made by many developed countries\, the USD 100 billion annual climate finance commitment is yet to be fulfill ed. COP27 is an opportunity to ensure that pledges and commitments\, inclu ding those related to climate finance\, are fulfilled and implemented. It is also an opportunity to test innovative financing instruments that take into consideration the developmental ambition\, special circumstances and respective capabilities of developing countries.\n\nQuestions to be addres sed:\n\n\nWhat is the relationship between climate change and increasing d ebt distress?\n \nWhat can help countries both address unsustainable debt burdens and facilitate climate-resilient development?\n \nWhat are the i nnovative tools and instruments that can be implemented to provide climate finance at scale without exacerbating debt?\n \nWhat are the major barri ers to action?\n \n\n\nProgramme:\n\nIntroductory remarks from:\n\nAmbass ador Dr Ahmed Ihab Gamaleldin\, Permanent Representative of the Arab Repub lic of Egypt to the United Nations Office\, the Conference on Disarmament\ , The World Trade Organization and Other International Organizations at Ge neva\n\nDr Richard Kozul-Wright\, Director of the Globalization and Develo pment Strategies Division\, UNCTAD\n\nModerator: Stephanie Blankenburg\, H ead of the Debt and Development Finance Branch\, UNCTAD\n\nDr. Mahmoud Moh ieldin\, UN Climate Change High-Level Champion for Egypt and UN Special En voy on Financing the 2030 Agenda for Sustainable Development\n\nAmbassador Mohamed Nasr\, Director of the Environment\, Climate and Sustainable Deve lopment Department\, Egyptian Ministry of Foreign Affairs and on the COP27 Presidency Team\n\nAmbassador Nabeel Munir\, Lead negotiator for G77 + Ch ina and Ambassador of the Islamic Republic of Pakistan to the Republic of Korea\n\nAmbassador Jérôme Bonnafont\, Permanent Representative of Franc e to the United Nations in Geneva and other international organizations in Switzerland\n\nAmbassador Dr Walton Webson\, Permanent Representative of Antigua &\; Barbuda to the United Nations and Chair of AOSIS\n\nGregory Kabwe\, Director of Investments and Debt Management\, Ministry of Finance and National Planning\, Republic of Zambia\n\nLidy Nacpil\, Coordinator f or Asian Peoples'\; Movement on Debt and Development\n\n \n\nLive int erpretation available in Arabic\, French and Spanish\n<\;p>\;This is t he first event in the <\;strong>\;COP27 High-level Event Series<\;/s trong>\; co-hosted by UNCTAD\, the COP27 Presidency\, the UN Climate Cha nge High-level Champion\, and the Permanent Mission of the Arab Republic o f Egypt to the UN in Geneva.<\;/p>\;\n\n<\;hr />\;\n<\;p>\;Amb itious and effective climate action at the national\, regional and interna tional levels depends on the availability of adequate and predictable fina ncing. However\, developing countries are suffering from debt distress at the same time as dealing with higher risks and relative costs of climate i mpacts. Less fiscal space means less capacity to respond to disasters\, ad apt to the impacts of climate change or invest in resilience and low carbo n development pathways\, hence perpetuating a vicious cycle that foreclose s both debt sustainability and climate action.<\;/p>\;\n\n<\;p>\;I n the current global environment of a growing financial crisis\, rising in terest rates\, and a strengthening dollar\, developing countries are facin g weakening currencies coupled with heavy debt servicing repayments which are pushing them to the brink of insolvency. In the absence of any multila teral mechanism to respond to debt distress\, policy solutions have thus f ar been piecemeal and ineffective. This prolongs the economic crisis and p revents governments from achieving collective climate and development goal s.<\;/p>\;\n\n<\;p>\;At the same time\, the current level of clima te finance as well as the nature of instruments available are inadequate t o secure adaptation and mitigation strategies or deal with the ongoing cli mate challenges facing developing countries. Despite efforts made by many developed countries\, the USD 100 billion annual climate finance commitmen t is yet to be fulfilled. COP27 is an opportunity to ensure that pledges a nd commitments\, including those related to climate finance\, are fulfille d and implemented. It is also an opportunity to test innovative financing instruments that take into consideration the developmental ambition\, spec ial circumstances and respective capabilities of developing countries.<\ ;/p>\;\n\n<\;h4>\;<\;strong>\;Questions to be addressed:<\;/st rong>\;<\;/h4>\;\n\n<\;ul>\;\n<\;li>\;What is the relationsh ip between climate change and increasing debt distress?<\;br />\;\n&am p\;nbsp\;<\;/li>\;\n<\;li>\;What can help countries both address u nsustainable debt burdens and facilitate climate-resilient development?< \;br />\;\n&\;nbsp\;<\;/li>\;\n<\;li>\;What are the innovativ e tools and instruments that can be implemented to provide climate finance at scale without exacerbating debt?<\;br />\;\n&\;nbsp\;<\;/li&g t\;\n<\;li>\;What are the major barriers to action?<\;br />\;\n&am p\;nbsp\;<\;/li>\;\n<\;/ul>\;\n\n<\;h4>\;<\;strong>\;Progr amme:<\;/strong>\;<\;/h4>\;\n\n<\;p>\;Introductory remarks fro m:<\;/p>\;\n\n<\;p>\;<\;strong>\;Ambassador Dr Ahmed Ihab Gama leldin<\;/strong>\;\, Permanent Representative of the Arab Republic of Egypt to the United Nations Office\, the Conference on Disarmament\, The World Trade Organization and Other International Organizations at Geneva&l t\;/p>\;\n\n<\;p>\;<\;strong>\;Dr Richard Kozul-Wright<\;/stro ng>\;\, Director of the Globalization and Development Strategies Divisio n\, UNCTAD<\;/p>\;\n\n<\;p>\;Moderator: <\;strong>\;Stephanie Blankenburg<\;/strong>\;\, Head of the Debt and Development Finance Br anch\, UNCTAD<\;/p>\;\n\n<\;p>\;<\;strong>\;Dr. Mahmoud Mohiel din<\;/strong>\;\, UN Climate Change High-Level Champion for Egypt and UN Special Envoy on Financing the 2030 Agenda for Sustainable Development <\;/p>\;\n\n<\;p>\;<\;strong>\;Ambassador Mohamed Nasr<\;/st rong>\;\, Director of the Environment\, Climate and Sustainable Developm ent Department\, Egyptian Ministry of Foreign Affairs and on the COP27 Pre sidency Team<\;/p>\;\n\n<\;p>\;<\;strong>\;Ambassador Nabeel M unir<\;/strong>\;\, Lead negotiator for G77 + China and <\;strong> \;Ambassador of the Islamic Republic of Pakistan to the Republic of Korea& lt\;/strong>\;<\;/p>\;\n\n<\;p>\;<\;strong>\;Ambassador <\ ;/strong>\;<\;strong>\;Jérôme Bonnafont\, <\;/strong>\;Permane nt Representative of France to the United Nations in Geneva and other inte rnational organizations in Switzerland<\;/p>\;\n\n<\;p>\;<\;stro ng>\;Ambassador Dr Walton Webson<\;/strong>\;\, Permanent Representa tive of Antigua &\;amp\; Barbuda to the United Nations and Chair of AOS IS<\;/p>\;\n\n<\;p>\;<\;strong>\;Gregory Kabwe<\;/strong>\ ;\, Director of Investments and Debt Management\, Ministry of Finance and National Planning\, Republic of Zambia<\;/p>\;\n\n<\;p>\;<\;stro ng>\;Lidy Nacpil<\;/strong>\;\, Coordinator for Asian Peoples'\; Movement on Debt and Development<\;/p>\;\n\n<\;p>\;&\;nbsp\;&l t\;/p>\;\n\n<\;p>\;Live interpretation available in Arabic\, French and Spanish<\;/p>\;\n<\;img alt="\;Logos"\; data-align=" \;center"\; data-entity-type="\;file"\; data-entity-uuid=" \;13274aae-0496-45fa-a00a-0e7bc9956360"\; height="\;124"\; src ="\;/sites/default/files/inline-images/cop27-high-level-logos_800x117. jpg"\; width="\;781"\; />\;\n\nView meeting on unctad.org\nh ttps://unctad.org/meeting/cop27-high-level-event-debt-and-climate-change-i nnovative-solutions-climate-finance DTSTAMP:20260812T022811Z END:VEVENT END:VCALENDAR