Egypt’s Country Platform for the NWFE Program, a nexus of water, food and energy projects, aims to accelerate the pace of moving from pledges to implementation through attractive investment projects.
Multilateral development banks can play a pivotal role in encouraging private sector participation in climate change projects.
Moving from pledges to implementation is crucial to close the climate finance gap and to support the green transition in developing countries.
The Minister of International Cooperation H.E. Dr. Rania A. Al-Mashat took part in the World Economic Forum’s (WEF) panel discussion on the “Geo-Economics of Climate Change”, as part of the 77th United Nations General Assembly (UNGA) held in New York.
This session also included the President and CEO of Bezos Earth Fund, Dr. Andrew Steer; the CEO of Yara International, Svein Tore Holsether; and Finland’s Minister for Development H.E. Ville Skinnari, moderated by the WEF’s President Børge Brende.
Al-Mashat expressed that the climate agenda had become a priority for the international community, in light of the challenges posed by climate change and its impact on development efforts, coupled with the aftermath of the COVID-19 crisis. The Minister emphasized that everyone is required to play an active role in addressing climate change, whether international finance institutions, governments, civil society, non-profit organizations and the private sector.
The common goal, on a global level, is to move from climate pledges to implementation; transforming the financial commitments made at COP26 into realistic actions. “This is indeed the goal of Egypt's COP27 presidency, as it works to galvanize the international community to fulfill commitments and encourage climate change adaptation efforts,” Al-Mashat stated.
The Minister added that multilateral development banks can also play a pivotal role in stimulating the private sector to participate in climate finance by expanding risk reduction tools and hybrid financing mechanisms.
In less than 50 days, the COP27, as well as the G-20 Summit, will be held, thus presenting an opportunity to highlight the needs of the countries of the South. It also emphasizes the importance of these countries in being at the center of the international community's attention to strengthen development efforts and to expand climate financing. It is important to note that Africa is one of the least emitters, and is yet most affected by climate change due to water scarcity, desertification and food insecurity.
In order to support international efforts to finance climate change adaptation projects, the Egyptian Presidency of the COP27 is convening five regional forums in Asia, Africa and Europe, supporting countries in showcasing their pilot investment-friendly climate action projects and promoting regional integration in climate action and the green transformation.
The Minister stressed that there is a common denominator between climate and development, “we cannot see them as separate pillars”, noting that any financing provided for climate action is essentially financing for development.
Al-Mashat highlighted Egypt's efforts to promote climate action and stimulate the transition from pledges to implementation through its COP27 Presidency. To that end, the Minister also discussed Egypt’s Country Platform for NWFE Program, the nexus of water, food and energy sectors. This brings together all development partners, with the private sector and the Glasgow Financial Alliance for Net Zero (GFANZ), to provide development financing, technical support, capacity-building and private sector investments for the program's list of projects.
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.
To watch the WEF’s full session, click here.