cairo: An agreement was made at a climate conference held in Scotland last year to support developing nations in their energy needs and to increase efforts to reduce reliance on fossil fuels.

In advance of the upcoming COP27 conference, which Egypt is hosting, foreign minister Sameh Shoukry of Egypt said on Tuesday that the majority of the advanced economies should step up their efforts to address climate issues.

In a special speech, Shoukry stated that "developed countries need to make substantial new financial commitments, including through the Green Climate Fund and the Adaptation Fund, and more importantly, ensure that a symbolic sum of $100 billion is committed by 2023."

"Climate change financing is still far below the needs and expectations," the minister claimed.

In order to implement the idea of a fair green transition that takes into account social and economic needs and factors, Shoukry continued, "We all must continue to develop and improve the regulatory framework and tools required."

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