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, according to Rania Al-Mashat, Minister of International Cooperation.
Al-Mashat emphasized this message 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.
She said 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.
Al-Mashat added that 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 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 COP 27 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.
In cooperation with the development partners and Egyptian ministries, the Ministry of International Cooperation is providing $11.9bn 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 $2.85bn 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.
