Egypt’s int’l cooperation min., LSE's Stern urge encouraging mobilization of climate finance at COP27 in Nov.

CAIRO – 25 April 2022: Minister of International Cooperation Rania Al-Mashat and pioneering climate economist Nicholas Stern affirmed the need to encourage mobilization of climate finance during the UN Climate Change Conference (COP27) that Egypt will host in November.

Mashat’s meeting with Nicholas Stern, chair of the Grantham Research Institute on Climate Change and the Environment at the London School of Economics, came on the sidelines of the 2022 Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) in Washington.

Mashat’s meeting with Stern discussed Egyptian national efforts for green transformation and the measures taken by the state to expand environmentally friendly projects as well as renewable energy and green hydrogen projects, a statement by the Egyptian Ministry of International Cooperation read on Monday.

The meeting addressed the important role that research institutions and think tanks can play to support the efforts of developing countries aimed at green transformation and strengthening the role of the private sector.

The meeting also discussed the importance of soft development funds for climate action, financing sustainable infrastructure, and expanding the private sector’s participation.

During the meeting, Professor Stern stressed the great potential that Egypt enjoys in the field of green transformation, adding that this enables the country to enhance climate action.

Stern affirmed the Grantham Research Institute’s keenness to cooperate with Egypt to advance the country’s efforts regarding climate action.

 

The meeting discussed global challenges facing developing and emerging countries due to the ongoing crises as well as the government’s measures to secure sufficient stocks of strategic goods and boost local wheat production.

The meeting discussed funding of development policies between Egypt and the World Bank as well as the climate and development report that is being prepared and is scheduled to be issued soon.

During the meeting, Mashat stressed that the economic reform program that had been applied in cooperation with the International Monetary Fund (IMF) since 2016 has enabled Egypt to deal with the coronavirus crisis on the social and economic levels.

She affirmed that Egypt continues its economic and structural reform procedures as well as the measures to boost comprehensive and sustainable economic growth.