H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, witnessed the graduation ceremony of the second cohort of the Climate Finance Accelerator (CFA), which includes nine startups operating in diverse sectors such as agriculture, energy, transportation, industry, waste management, and gender equality. The program aims to support startups in the fields of energy, water, and food, and is implemented in collaboration with the British Embassy in Egypt and the Flat6Labs incubator, as part of the international partnership between the Arab Republic of Egypt and the United Kingdom. The event was attended by H.E. Gareth Bayley, the British Ambassador to the Arab Republic of Egypt, and representatives from various national entities.
In her speech delivered via video conference, H.E. Dr. Al-Mashat stated that the graduation of a new cohort of the technical support program of the CFA represents an opportunity to start a new phase of work to address climate change through the innovative solutions presented by these nine companies. These projects have received comprehensive support in terms of financing and advanced technologies, in addition to support related to gender equality and social inclusion from experts of the program
The Minister of Planning, Economic Development, and International Cooperation added that empowering startups and enhancing private sector participation are crucial factors in stimulating innovation and economic development and accelerating progress towards achieving sustainable development goals. Effective, inclusive, and accountable governance is essential to enhance private sector engagement and facilitate a just energy transition, emphasizing that innovation plays a critical role in addressing climate change issues.
Minister Al-Mashat affirmed that current technological advancements aim to significantly contribute to achieving Egypt's Vision 2030 by providing an environment conducive to innovation and enabling efficient and successful production, as well as effective dissemination and marketing of knowledge.
H.E. Dr. Al-Mashat noted that Egypt aspires to be a major center for innovation and entrepreneurship in the Middle East and North Africa.
The Minister highlighted the international, regional, and national consensus on the importance of sustainable management of ecosystems and natural resources, as demonstrated by Egypt’s commitment as a party to numerous international agreements related to the environment and climate change. She mentioned that the Egyptian government has implemented a significant number of national projects that open avenues for further green investments with private sector participation. The government is also working to raise the ambitions of its contributions in line with its commitment to the Paris Agreement and to provide a practical model for leading international climate action.
H.E. Dr. Al-Mashat added that Egypt launched the "Sharm El Sheikh Guidebook for Just Financing" during the COP27 climate conference, aimed at enhancing climate finance by integrating the concept of fairness through 12 guiding principles. These principles support the rights of developing countries to develop through just pathways, create an enabling environment, and integrate just finance across all financial entities, ensuring that developing countries have access to appropriate climate finance in terms of quantity and quality, along with cost-bearing capacity.
The Minister emphasized the need to enhance sustainability efforts through a multilateral approach based on close partnerships among relevant parties. H.E. Dr. Rania Al-Mashat underscored the importance of governments formulating policies that stimulate public-private partnerships and enacting legislation and reforms that promote market sustainability.
H.E. Dr. Al-Mashat confirmed that the Ministry is working to coordinate efforts between development partners, various national stakeholders, and private sector companies to create constructive partnerships that enhance sustainability and development efforts in Egypt.
The Minister explained that the Ministry’s strategies are based on three main criteria: inclusion of diverse groups such as youth and women, promotion of green transformation, and digital transformation, along with adherence to environmental, social, and governance standards, which enhance its ability to benefit from concessional financing and investments provided by international partner institutions in Egypt.
H.E. Dr Al-Mashat also noted that the Ministry is focusing on two main areas: industrial development and human capital development, through public investments made by the government or through collaboration with international financial institutions and development partners, with the goal of establishing a competitive economy that attracts investments, increasing the competitiveness of the Egyptian economy, thereby contributing effectively to the global climate agenda.