Kouchouk urges intl. collaboration, sustainable financing to address climate challenges

CAIRO - 14 November 2024: Egypt's Finance Minister, Ahmed Kouchouk, highlighted the urgent need for global cooperation and sustainable financing solutions to tackle the climate crisis during the Debt Sustainability Forum, supported by the Ministry of Finance and the United Nations Economic Commission for Africa. 

 

In his address, Kouchouk stressed that addressing climate finance requires innovative, international collaboration that directly responds to the most pressing needs. He pointed to the Debt Alliance for Sustainable Development, launched at COP27 in Sharm El-Sheikh, as a key potential solution to mobilize resources for climate action. The minister called on countries, financial institutions, and the private sector to join the alliance, aiming to promote sustainable development and build economic resilience.

 

"The finance gap is widening in developing countries, especially in Africa, as economic and social pressures grow," Kouchouk said. He urged African nations and other developing economies to utilize sustainable financing tools to simultaneously meet climate and development goals.

 

The minister also advocated for exploring innovative financial mechanisms, such as sustainability bonds and debt-for-green-investment swaps, to bridge funding shortages and stimulate climate action. Additionally, he emphasized the importance of low-cost financing and cost-reduction guarantees to encourage greater private sector investment in green economic transitions. Such measures, he argued, would boost private investment in environmentally sustainable industries and accelerate progress towards green growth.

 

Kouchouk also invited governments, international financial institutions, and private businesses to lend their support to the Debt Alliance for Sustainable Development. He underscored that, through coordinated global efforts, the alliance could play a pivotal role in mobilizing the resources needed to enhance climate resilience and sustainable development, particularly in regions most vulnerable to the impacts of climate change.