Egypt’s Minister of International Cooperation, Dr. Rania Al Mashat, took part in several activities planned by the United Arab Emirates in the run-up to COP28.
She spoke on a panel at the High-Level Meeting on “Finance for Action: Taking Stock and Moving Forward” about “Finance for Action: Taking Stock and Moving Forward”.
Furthermore, the minister held several bilateral meetings with stakeholders and members of the Independent High-Level Expert Group (IHLEG) on climate finance. Participants included representatives of international financing institutions and development partners.
Al Mashat also spoke on a panel about “Inclusive Finance: Progress and Obstacles for a Just Transition to a Resilient, Nature-Positive World”, joined by H.H. Sheikha Shamma, President and Chief Executive Officer, UAE Independent Climate Change Accelerators (UICCA); Katherine Stodulka, co-Chair, Blended Finance Coalition; and Vera Songwe, Co-Chair of the IHLEG.
The minister further reviewed the other outputs of the COP27, including the launch of the ClimaTech Run, an international competition for startups in the field of climate action technology.
She also discussed the NWFE program, which focuses on the areas of water, food, and energy to strengthen mitigation and adaptation efforts in the fight against climate change.
The program is a national platform built on the principles of country ownership. H.E. cited the initiatives taken since COP27 with a variety of partners, including the European Bank for Reconstruction and Development, the African Development Bank, and the International Fund for Agricultural Development, to coordinate collective action and improve cooperation between the various relevant parties to mobilize climate investments and blended financing that encourage the private sector to carry out program projects.
Al Mashat reviewed initiatives launched to encourage climate investments in developing nations and emerging economies during the meeting, including the launch of the “Sharm El-Sheikh Guidebook for Just Financing” and the Country Platform for the Nexus of Water, Food, and Energy (NWFE), which represents an actual a country platform for the Nexus of Water, Food, and Energy (NWFE).
Minister Rania emphasized that the “Sharm El-Sheikh Guidebook for Just Financing” contains a precise definition and concept of just financing as well as 12 precise recommendations which seek to enhance climate finance in developing and emerging economies to support their capacity to implement their NDCs and meet their climate ambition.
The guide presents practical principles to promote climate action and also includes 48 case studies of financing models for green projects at the level of Egypt and the world to enhance the exchange of knowledge and replication of successful financing experiences.
