Egypt to spare no effort to achieve ambitious results for financing green transformation at COP27: Planning min. to FfD Forum

CAIRO – 26 April 2022: Planning Minister Hala Al-Saidaffirmed that Egypt will spare no effort during its presidency of the 27th UN Climate Conference (COP27) in November to achieve ambitious results for financing green transformation.

In a recorded speech during the seventh edition of the Forum on Financing for Development (FfD) held in New York on April 25-28, Said affirmed that Egypt will also focusing on renewable energy, clean transportation, and water and food security during the conference.

Egypt actively participates in addressing systemic issues regarding financing development as an essential element for achieving Egypt Vision 2030, Said said.

She added that Egypt has launched the world's first national report on financing for development, explaining that the report provides an objective analysis of the various dimensions of development financing and Egypt's aspirations towards achieving the sustainable development goals.

Egyptian Minister of International Cooperation Rania Al-Mashat earlier met in Washington with Nicholas Stern, chair of the Grantham Research Institute on Climate Change and the Environment at the London School of Economics, during which they discussed Egyptian national efforts for green transformation.

The meeting came on the sidelines of the 2022 Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG).

Mashat’s meeting with Stern discussed the measures taken by the Egyptian 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.