Sharm El Sheikh - Agencies:
The United Nations Conference on Climate Change (COP27) kicked off today in Sharm El-Sheikh, in the Arab Republic of Egypt, in its twenty-seventh session, amid increasing calls for rich countries to compensate the poorest and most vulnerable to the consequences of climate change.
More than 120 world leaders are scheduled to participate in the COP27 summit this year, and among the attendees is US President Joe Biden, who will arrive in Sharm el-Sheikh on November 11.
Delegates begin a two-week negotiation process by agreeing to the conference agenda during an opening plenary.
Tomorrow, the Presidents' Summit will start over two days, and three presidential tables will be held every day, where leaders will talk about their countries' efforts to face the challenges of the effects of climate change.
The substantive days of the Climate Summit will start from Wednesday, 9 November, with each day devoted to discussing a major issue related to energy, finance, social diversity, agriculture, water and possible solutions.
The World Bank said that developing countries could reduce their emissions by 70 percent by 2050 if they invested an average of 1.4 percent of their gross domestic product, an amount that could be mobilized with appropriate participation from the private sector.
"Low-income countries will need financing from richer countries to be able to cover their investment needs for climate action, which in some cases amount to more than 5 percent of their GDP," he added.
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