The Egyptian Minister of Planning, Economic Development, and International Cooperation, Rania Al-Mashat, held a virtual meeting with Mercedes Vela Monserrat, CEO of the Global Climate Finance Centre (GCFC), to discuss potential avenues for joint cooperation.
During the meeting, Al-Mashat and Monserrat discussed the progress of the GCFC, which was launched at the COP28 Climate Conference in the United Arab Emirates and is headquartered in Abu Dhabi. The centre aims to accelerate global climate finance and encourage innovation through collaboration among various stakeholders, with a focus on the private sector and capacity building.
Al-Mashat emphasised the necessity for the GCFC to support national platforms as key pillars of revitalising climate action in emerging countries. She noted this was a recommendation highlighted in reports issued during the COP28 climate conference and by the G20. Al-Mashat pointed out that Egypt launched the “NWFE” programme as a national platform aimed at stimulating climate investments and enhancing the commitment of countries to implement their nationally determined contributions (NDCs).
They also discussed the possibility of Egypt contributing to and benefiting from the services provided by the GCFC. Al-Mashat outlined the latest developments of the NWFE programme, noting that it has stimulated nearly $4bn in private sector investments. She highlighted Egypt’s increasing cooperation in this field with African countries, such as Tanzania, which is receiving technical assistance in developing its national platform.
Al-Mashat added that Egypt now has voluntary carbon markets, and through the Financial Regulatory Authority, has been able to provide a model for Africa.
Monserrat reviewed the latest developments in the GCFC’s operations, noting its aims to activate climate financing in African countries, enhance efforts to spread risk reduction tools, and activate carbon markets. She explained that funding for the first year was provided by the Abu Dhabi Global Market, and funding has been secured for the next three years.
The GCFC’s board of directors includes Sheikha Shamma bint Sultan bin Khalifa, the Abu Dhabi Global Market (ADGM), First Abu Dhabi Bank, Abu Dhabi Islamic Bank, HSBC, and the SIF Fund. Monserrat said that the centre also has 15 knowledge partners, including Morgan Stanley, the World Bank, and G Funds, who will provide in-kind support through research, data, and advisory expertise.
Monserrat noted that the GCFC is currently coordinating with the UAE Ministry of Foreign Affairs on two main initiatives. The first is the Green Investment Initiative in Africa, which has allocated $4.5bn to be invested by 2030. The second initiative is the Global Framework for Climate Finance, which has been signed by 15 countries. She added that the centre is now working with Brazil on its implementation, in addition to the “Innovation in Climate Technology” initiative, which focuses on emerging technologies, especially artificial intelligence, and how to integrate them into climate solutions.
She also explained that there is currently a focus on engaging the private sector in working with the GCFC, studying the agreements concluded by countries and identifying private sector actors to explore potential cooperation in implementing commitments.
