Egypt is working to go from pledges to implementation during COP27, with discussions focused on the need for climate finance, especially in adaptation projects.
As part of the meetings of the United Nations General Assembly (UNGA77) in New York, the Minister for International Cooperation H.E. Dr. Rania A. Al-Mashat, gave a speech in the World Economic Forum’s panel discussion on “From COP27 to COP28: Accelerating Global and Regional Climate Action.” The session brought together relevant parties from the governmental and private sectors in preparation for COP27 in Sharm El-Sheikh and for COP28 in Dubai, UAE, to discuss climate policies, emission reduction efforts, financing challenges and enhancing food security.
The session also included Mohcine Jazouli, Morocco’s Minister Delegate to the Head of Government in charge of Investment, Convergence and Evaluation of Public Policies; the President and Chief Executive Office, Bezos Earth Fund, Andrew Steer; Global Chief Executive Officer of JBS, Gilberto Tomazoni; and President of the International Union for the Conservation of Nature, Razan Al Mubarak.
In her statement, Al-Mashat said that from the results achieved at the COP26, the Egyptian Presidency of the COP27 is working towards moving from pledges to implementation, in line with the Paris Climate Agreement. COP27 aims to push for effective policies and practical examples that leverage financing for adaptation and mitigation efforts, and to promote the exchange of experiences and knowledge among emerging countries, thus stimulating collaborative climate action.
In COP27, Egypt is urging developing countries to fulfill their $100 billion per year climate pledge, as well as for developed countries to double adaptation funds to reach approximately $40 billion annually. Al-Mashat stressed that the aforementioned can only be achieved through joint action by relevant stakeholders, building on efforts to leverage climate finance on a regional and international level.
The Minister added that the reduction in finance available for adaptation projects is one of the key issues that COP27 will focus on; balancing financing for mitigation and adaptation projects by leveraging private sector participation through blended and innovative financing mechanisms, and broadening the funding base with the participation of philanthropic organizations to support countries in withstanding the consequences of climate change.
The Minister is participating in the 77th session of the United Nations General Assembly (UNGA), held in New York, under the theme, “A Watershed Moment: Transformative Solutions to Interlocking Challenges”, to address the triple crises of COVID-19, climate change and Russian-Ukrainian crisis. The meetings discuss a number of important topics, notably food insecurity, energy prices and disruptions to global supply chains.
Recently, the Ministry of International Cooperation, in cooperation with the Ministries of Foreign Affairs, Finance and Environment, and the United Nations Economic Commission for Africa, organized the second edition of the Egypt-International Cooperation Forum (Egypt-ICF), and the meeting of African Ministers of Economy, Finance and Environment, under the auspices and presence of H.E. President Abdel Fattah Sisi, the President of the Arab Republic of Egypt.
The forum witnessed the participation of more than 23 African governments, and around 20 discussion sessions, workshops and roundtables were held to galvanize the international community to support Africa’s climate change agenda, and to consolidate messages ahead of "Finance Day" during COP27.