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  • Thursday, 24 February 2022

The Minister of International Cooperation, Special Advisor to UN Secretary-General On Climate Action Emphasize Scaling Up Adaptation Finance and Delivering Ambitious Plans for COP27

Minister Rania A. Al-Mashat: the Ministry of International Cooperation is currently focused on developing climate change mainstreaming strategies

Selwin Charles Hart: the UN will work side by side with the Government of Egypt to deliver ambitious outcomes to enhance climate finance for developing countries, and urgently scale up adaptation finance With more ambitious climate plans needed ahead of COP27, the Minister of International Cooperation, H.E Dr. Rania A. Al-Mashat, held a high-level meeting with Special Advisor to UN Secretary-General On Climate Action and Assistant Secretary-General for the Climate Action Team, Selwin Charles Hart, during his second timely visit to Egypt to put forward proposals and action plans in preparation for the 2022 United Nations Climate Change Conference (COP27). The meeting was held in the presence of Elena Panova, Resident Coordinator of the United Nations Office in Egypt. In the run-up for COP27, which is expected to represent a radical turning point in voicing Africa’s climate concerns, the Ministry of International Cooperation has pursued an inclusive, participatory and deliberative approach to climate change through engaging with development partners, international financial institutions, multilateral development banks, the private sector, and civil society to bring forth a diversity of proposals on green financing opportunities, adaptation projects and strategies serving the energy, water, health, transport, and agriculture sectors.

Minister Rania A. Al-Mashat noted that combating climate change needs a multilateral solution, which is why the Ministry of International Cooperation’s agenda on the road to COP27 is focused on the following pillars: innovative and blended financing, gender, and the crowding-in of the private sector in the climate sphere to push for a more inclusive and forward-thinking solutions to climate change.

As the national coordinator of the partnership framework, the Ministry of International Cooperation is currently focused on developing climate change mainstreaming partnership strategies, which includes the new 2023-2027 strategic partnership framework with the United Nations to support the Government of Egypt’s priorities in achieving development in line with the 2030 Sustainable Development Goals (SGDs) and taking into consideration the social-environmental dimension. With an estimated SDG financing gap of $2.5 trillion a year in developing countries alone, the international development community is placing greater attention on blended finance. The Minister added that a common framework is needed to collectively adopt a tailored approach to blended finance that reflects the changing local contexts. She added that South-South cooperation and triangular cooperation can offer a complementary path to enhance knowledge sharing and cooperation so that successes can be adapted, replicated and scaled up by other countries and cities. Egypt has taken a number of steps to boost climate financing with the issuance of the $100 million first green bonds in the MENA region to finance the private sector, which is the first of its kind private-led investment. Egypt also works on solving environmental, social, and economic issues simultaneously, following a systematic twin-track approach to ensure that ‘green’ and ‘growth’ go together hand-in-hand. There are currently 34 projects within the Ministry of International Cooperation’s portfolio answering to SDG 7: Affordable and Clean Energy with a total of $5.95 billion thus making up for 23.2% of the ODA; the highest ODA financing. For his part, Selwyn Charles Hart, Special Adviser to the UN Secretary-General on Climate Action and Assistant Secretary-General for Climate Action, said, “As the climate crisis worsens, it’s clear that we must see transformative change urgently, and every day, week, month and year matters enormously. In the lead up to and during COP27, the UN system will work side by side with the Government of Egypt and the incoming Presidency to deliver ambitious outcomes to keep the 1.5 Celsius goal alive, enhance climate finance for developing countries, and urgently scale up adaptation finance as needs continue to grow rapidly. This is a critical year for advancing progress on climate and we stand ready to support the leadership of Egypt." Notes for the Editor: The Ministry of International Cooperation, in cooperation with the United Nations office in Egypt, launched an extensive consultation process in 2021 with the participation of 30 national entities including ministries and councils, in addition to 28 United Nations agencies to lay the foundations for the 2023-2027 strategic partnership framework. The strategic partnership framework is in line with national priorities through 5 main pillars: 1) promoting investment in human capital and social development 2) sustainable and inclusive economic development, 3) environmental sustainability. 4) governance and transparency, and 5) women empowerment.

Minister Rania A. Al-Mashat noted that combating climate change needs a multilateral solution, which is why the Ministry of International Cooperation’s agenda on the road to COP27 is focused on the following pillars: innovative and blended financing, gender, and the crowding-in of the private sector in the climate sphere to push for a more inclusive and forward-thinking solutions to climate change.

As the national coordinator of the partnership framework, the Ministry of International Cooperation is currently focused on developing climate change mainstreaming partnership strategies, which includes the new 2023-2027 strategic partnership framework with the United Nations to support the Government of Egypt’s priorities in achieving development in line with the 2030 Sustainable Development Goals (SGDs) and taking into consideration the social-environmental dimension. With an estimated SDG financing gap of $2.5 trillion a year in developing countries alone, the international development community is placing greater attention on blended finance. The Minister added that a common framework is needed to collectively adopt a tailored approach to blended finance that reflects the changing local contexts. She added that South-South cooperation and triangular cooperation can offer a complementary path to enhance knowledge sharing and cooperation so that successes can be adapted, replicated and scaled up by other countries and cities. Egypt has taken a number of steps to boost climate financing with the issuance of the $100 million first green bonds in the MENA region to finance the private sector, which is the first of its kind private-led investment. Egypt also works on solving environmental, social, and economic issues simultaneously, following a systematic twin-track approach to ensure that ‘green’ and ‘growth’ go together hand-in-hand. There are currently 34 projects within the Ministry of International Cooperation’s portfolio answering to SDG 7: Affordable and Clean Energy with a total of $5.95 billion thus making up for 23.2% of the ODA; the highest ODA financing. For his part, Selwyn Charles Hart, Special Adviser to the UN Secretary-General on Climate Action and Assistant Secretary-General for Climate Action, said, “As the climate crisis worsens, it’s clear that we must see transformative change urgently, and every day, week, month and year matters enormously. In the lead up to and during COP27, the UN system will work side by side with the Government of Egypt and the incoming Presidency to deliver ambitious outcomes to keep the 1.5 Celsius goal alive, enhance climate finance for developing countries, and urgently scale up adaptation finance as needs continue to grow rapidly. This is a critical year for advancing progress on climate and we stand ready to support the leadership of Egypt." Notes for the Editor: The Ministry of International Cooperation, in cooperation with the United Nations office in Egypt, launched an extensive consultation process in 2021 with the participation of 30 national entities including ministries and councils, in addition to 28 United Nations agencies to lay the foundations for the 2023-2027 strategic partnership framework. The strategic partnership framework is in line with national priorities through 5 main pillars: 1) promoting investment in human capital and social development 2) sustainable and inclusive economic development, 3) environmental sustainability. 4) governance and transparency, and 5) women empowerment.