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  • Wednesday, 30 March 2022

Egypt is developing an international framework for innovative climate financing: Minister Rania A. Al-Mashat

The Minister of International Cooperation, H.E. Dr. Rania A. Al-Mashat held a meeting with Janet Rogan, COP26 Regional Ambassador for the Middle East and Africa on the sidelines of the MENA Climate Week held in Dubai. 

During the meeting, the Minister noted that Egypt is displaying its clear vision ‘From Pledges to Action’ in tackling the climate crisis through international partnerships, innovative financing instruments, and developing an international framework for innovative climate financing. She added that to finance climate action, developing an International financing framework for innovative climate finance - based on the concepts of inclusion, equity and justice - is imperative. 

The Ministry of International Cooperation is working on developing a framework that is centered around distributive justice (which incorporates the allocation of burdens and benefits among individuals, nations and generations), procedural justice (which refers to who decides and participates in decision-making), and recognition (which entails basic respect and robust engagement with and fair consideration of diverse cultures and perspectives).

The Minister added that Egypt is looking forward to working in partnership with the United Kingdom to achieve Egypt’s national climate change strategy, and making a decisive transition towards climate-compatible development pathways through adopting inclusive development strategies.

During the MENA Climate Week held in Dubai, Minister of International Cooperation, H.E. Dr. Rania Al-Mashat, participated in several events, including the Ministerial Roundtable on Climate Action, the virtual session “From COP 26 Glasgow Commitments to COP 27 Egypt Opportunities: The MENA perspective”, and a panel discussion on integrating youth into climate action efforts, co-organized by the Regional Collaboration Center for the Middle East and North Africa of the United Nations Climate Agreement and the World Green Economy Organization.

The ongoing portfolio for development cooperation includes development financing worth $2.8 billion for 28 projects that target SDG: 13 (climate change), including the Bahr El-Baqar wastewater treatment plant, and 46 projects in mitigation, worth a total of $7.8 billion, including the Benban Solar park.