Egypt’s Minister of Planning, Dr. Rania Al-Mashat, held a virtual meeting with Vela Monserrate, CEO of the Global Climate Finance Centre, to explore collaboration opportunities in climate finance.
The meeting focused on the progress of the Global Climate Finance Centre, which was launched during COP28 in the United Arab Emirates. The Centre, headquartered in Abu Dhabi, aims to accelerate global climate finance and enhance innovation through collaboration among relevant stakeholders, with a strong focus on the private sector and capacity building.
Dr. Al-Mashat emphasized the importance of the Centre supporting national platforms as a core element of driving climate action in emerging countries, a recommendation highlighted by both the COP28 reports and the G20. She pointed out that Egypt has launched the “NWFE” Green Projects Platform as a practical application of national platforms designed to stimulate climate investments and enhance countries’ commitments to meeting their Nationally Determined Contributions (NDCs).
The discussion also covered Egypt’s potential collaboration with the Centre, with Dr. Al-Mashat providing an update on the “NWFE” program. She highlighted that private sector investments close to USD 4 billion had been mobilized, and Egypt is intensifying collaboration with African nations, such as Tanzania, in developing their national platforms. Dr. Al-Mashat further mentioned that Egypt currently operates voluntary carbon markets and has provided a model for Africa through the Financial Regulatory Authority.
In response, Monserrate outlined the Centre’s activities, noting that it focuses on enhancing climate finance in Africa, promoting risk-reduction tools, and activating carbon markets. The Centre’s funding for its first year was provided by the Abu Dhabi Global Market, with additional financing secured for the next three years.
The Centre’s board includes prominent members such as Sheikha Shamma bint Sultan bin Khalifa, Abu Dhabi Global Market, First Abu Dhabi Bank, Abu Dhabi Islamic Bank, HSBC, and the SIF Fund. Furthermore, the Centre collaborates with 15 knowledge partners, including Morgan Stanley, the World Bank, and G Funds, to provide research, data, and advisory expertise.
Monserrate also mentioned two major initiatives in coordination with the UAE Ministry of Foreign Affairs: the Green Investment Initiative in Africa, which aims to invest 4.5 billion USD by 2030, and the Global Climate Finance Framework, which has been signed by 15 countries. She added that they are working with Brazil on its implementation, along with the “Climate Tech Innovation” initiative, focusing on emerging technologies like artificial intelligence and how to integrate them into climate solutions.
She concluded by stating that efforts are currently underway to engage the private sector in working with the Centre and studying the agreements made by countries to identify key private sector players for potential collaboration in fulfilling climate commitments.
