CAIRO - 9 March 2022: Minister of International Cooperation Rania Al-Mashat stated Wednesday that there is a global need for countries to adopt a more strategic approach to engage the private sector to push for blended financing and to ensure that the clean energy transition is human-centered; one that centers employment as a top concern, as the energy system affects every aspect of society.
She added that acknowledging that countries have common, but differentiated responsibility and capabilities, the provision of blended and innovative sources of financing to support economies in the South has now become an urgent need, as financing represents the cornerstone for the implementation of countries’ national climate pledges.
“Built on three core pillars: human-centered clean energy transition, adaptation and mitigation, and leveraging technology and knowledge transfer through South-South and triangular cooperation, Egypt’s green finance plan is articulated through strong and coordinated stakeholder engagement,” the minister said.
This message was emphasized by the Minister of International Cooperation, during her participation in World Economic Forum’s high-level event ‘Friends of Climate Action’, which brought together a unique and distinguished group of multi-sector, multi-stakeholder public and private non-state actors to shape the climate action agenda.
The event included participation of Gim Huay Neo, Managing Director, Centre for Nature and Climate at the World Economic Forum, Alok Sharma, President of the 26th United Nations Climate Change Conference, Nigel Topping, High Level Climate Champions, Chad Holliday, Co-Chair of Mission Possible Partnership, and Matt Rogers, CEO of the Mission Possible Partnership.
The Minister stressed during the meeting that Egypt echoes the global shared recognition that promoting innovative forms of financing has become critical to implement climate action with full scale and speed, particularly in regards to renewable energy, adaptation and mitigation, as well as capacity development and technology transfer.
Moving into the post-Glasgow era, Egypt stresses that the current stage should be a “together for implementation” stage, as the success of the COP27 conference will depend on the ability to create the appropriate atmosphere that allows the different parties to reach consensus on the most prominent issues, and to put forward several serious and effective initiatives that can be implemented in various aspects of climate change issues.
Egypt was at the forefront of countries that developed a long-term strategic plan to achieve the 2030 Sustainable Development Goals (SDGs), and the environmental dimension was deemed a fundamental pillar in all development sectors to overcome the impact of climate change.
Against the backdrop of the COP26 conference, Egypt also announced its official National Climate Change Strategy 2050, which focuses on five main goals as follows: maximizing energy efficiency, enhancing adaptive capacity, enhancing climate change action governance, improving infrastructure for climate action, and enhancing scientific research, technology and knowledge transfer.
Egypt is proceeding with its collaboration with African countries to focus more on adaptation and climate financing, and to build on the initiatives that were launched since 2015, such as the African Energy Initiative.
Through effective stakeholder engagement, Egypt’s Ministry of International Cooperation addresses the information gap between stakeholders, ensuring a flow of decision-useful information on environmental sustainability.
In cooperation with the development partners and Egyptian ministries, the Ministry of International Cooperation is providing $11.9 billion to 85 projects contributing to the achievement of SDG13, whether by mitigating or adapting to climate change in the energy, agriculture and housing sectors among others.
There is currently $2.85 billion in ODA contributing to 28 adaptation projects, including the Bahr El-Baqar drainage system, and $7.83 billion in ODA contributing to 46 mitigation projects, with examples being the Benban Solar Park and the Gulf of Suez Wind Farm project.
She added that South-South and triangular cooperation will be vital to promote exchanges of best practices and bridge technological gaps to increase the resilience of developing countries, and that financing must be channeled into local entities, such as the Luxor Center for Knowledge Sharing and Innovation, which serves as a hub for knowledge exchange regarding water conservation and climate-smart agricultural practices.
The Friends of Climate Action provide a platform for informal information and knowledge sharing, coordination, collaboration, and mobilization to buttress and support the global climate agenda. Subsequent COP Presidents, COP Champions and UNFCCC Executive Secretaries and other UN Heads have found FOCA to be an invaluable informal pool of insight, experience, and influence to connect with, collaborate with and leverage