• During the session, the EBRD showcases a promotional film about green transition projects for the private sector in Egypt.

H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation and Egypt's Governor at the European Bank for Reconstruction and Development (EBRD), participated in a panel discussion entitled "Green Horizons: Climate Transition for Banks in Emerging Markets." 

This took place during the 34th Annual Meeting and Business Forum of the EBRD for 2025, held in the United Kingdom from May 13 to 15, under the theme "Expanding Horizons, Enduring Strength," with broad participation from heads of state and governments, policymakers, and representatives of international organizations.

The session was attended by Mr. Francis Malige, Managing Director, Head of Financial Institutions Business group at the EBRD, and officials from several private sector banks and financial institutions.

During the session, the EBRD presented a film about the programs being implemented in Egypt to empower the private sector and enhance green transition efforts, including the Green Economy Financing Facility (GEFF I).

In her speech, H.E. Dr. Rania Al-Mashat stated that global climate finance has witnessed significant growth, doubling to $1.3 trillion annually during the period 2021-2022, compared to only $653 billion in the period 2019-2020. 

H.E. Dr. Al-Mashat highlighted that, despite this progress, estimates from the Global Center on Adaptation and the Climate Policy Initiative indicate that developing countries need approximately $3.3 trillion by 2035 to achieve their climate goals. She stressed the importance of significantly scaling up climate finance in line with the magnitude of global climate change mitigation and adaptation necessities.

H.E. Minister Al-Mashat also mentioned the agreement recently reached at COP29, which aims to double financing for developing countries from $100 billion annually to $300 billion by 2035. This agreement represents a milestone reflecting our collective commitment to confronting climate change. However, the impact of this agreement will depend on the agility of international financial institutions and mechanisms that enhance the role of the private sector in leading these efforts.

H.E. Dr. Al-Mashat emphasized the significance of just and inclusive climate finance, as we face unprecedented catastrophic climate events every day, from floods and heatwaves to droughts that threaten human lives and disrupt economies. Hence, bridging the climate finance gap is no longer an option but a necessity. 

All parties—governments, international financial institutions, and the private sector—must work together to find innovative solutions to finance efforts to reduce emissions and adapt to the impacts of climate change, ensuring equitable resource allocation and leaving no one behind.

H.E. Minister Al-Mashat pointed out that currently, climate finance is not distributed fairly or balanced. According to the “Global Landscape of Climate Finance 2023” report issued by the Climate Policy Initiative, 84% of climate finance, which amounts to approximately $1 trillion, was collected and spent within the same countries, limiting the access of the most vulnerable regions to this type of financing, despite their low contribution to emissions.

H.E. Dr. Al-Mashat underscored that the African continent contributes no more than 3-4% of total global emissions, according to the United Nations Environment Programme, yet it faces increasing climate challenges, from water scarcity to rising sea levels. However, Africa's share of global climate finance does not exceed 5%, according to the African Development Bank. This disparity contradicts the principle of "common but differentiated responsibilities" adopted by the Rio Earth Summit in 1992.

Regarding the role of multilateral development banks (MDBs), H.E. Dr. Al-Mashat affirmed that MDBs are a fundamental pillar in global climate action efforts. They have the ability to mobilize capital, reduce risks in emerging markets, bridge the financing gap, and build capacity between ambitions and actual implementation.

H.E. Dr. Al-Mashat added that these banks play a pivotal role in supporting the development and implementation of what we in Egypt consider a crucial step for developing countries: national climate action platforms. These platforms represent a coordination mechanism among all stakeholders to mobilize finance and implement Nationally Determined Contributions (NDCs) and National Adaptation Plans (NAPs).

H.E. Dr. Rania Al-Mashat concluded her speech by emphasizing the importance of banks playing a leading role in promoting climate governance and building strategic partnerships. These factors represent the foundation for achieving real climate transformations, even in the most challenging environments. By leveraging their financial influence and expertise, banks can support sustainable finance within their institutions and communities, ensuring a resilient and prosperous future for all and enhancing the urgent response to the global climate crisis.

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