As the world faces the escalating effects of climate change, global leaders are gathering in Baku, Azerbaijan, for the 29th Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change. Egypt’s Minister of Environment, Yasmine Fouad, is set to co-lead critical negotiations on the New Collective Quantified Goal (NCQG) for climate finance. This collaborative effort, with Australia’s Minister for the Environment Chris Bowen, is poised to set the framework for a new global climate finance target, with an ambitious goal of securing at least USD 100 billion per year in climate finance by 2025.
The NCQG negotiations are a defining feature of this year’s COP29, often referred to as “The Finance COP,” where ministers and negotiators will work to establish a clear, transparent, and accessible climate finance framework to support developing nations and vulnerable communities. This is particularly crucial as these nations, especially those in the Global South, face the most severe impacts of climate change, from extreme weather events to rising sea levels and biodiversity loss.
Minister Fouad, who will represent the interests of developing countries, emphasized the importance of these discussions ahead of the ministerial segment, noting that this phase will build upon months of preparatory work. It will focus on securing a climate finance goal that is equitable, balanced, and effective in helping nations meet their adaptation and mitigation needs. Her leadership in these negotiations will be pivotal in ensuring that the outcome is inclusive and addresses the urgent financial requirements of the most vulnerable populations.
“This phase of the conference is crucial not only for addressing the needs of developing nations but also for creating a clear path to financing climate solutions on a global scale,” Fouad said ahead of the conference. “Our collective aim is to ensure that climate finance flows transparently, is accessible to those who need it most, and is substantial enough to foster long-term resilience against the climate crisis.”
As part of her broader role, Minister Fouad will also participate in sessions dedicated to key themes, such as tourism, transport, biodiversity, and the challenges facing coastal regions and indigenous populations. One of the highlights of her participation will be a high-level roundtable on the intersection of climate change and biodiversity, where she will advocate for a nature-positive approach to climate action, in line with the goals of the Paris Agreement.
Beyond the formal negotiations, Minister Fouad’s presence at COP29 will include a series of bilateral meetings with international counterparts, as well as representatives from global organizations. These meetings will provide opportunities to deepen collaboration on climate-related initiatives, foster new partnerships, and share Egypt’s vision for climate action in developing nations.
Fouad’s leadership at COP29 comes at a critical juncture in the global climate fight, with nations increasingly recognizing the need for robust, inclusive climate finance solutions that leave no one behind. As the world looks to accelerate action and meet the targets of the Paris Agreement, her efforts at COP29 will play a crucial role in shaping a fair and sustainable future for all.
For Minister Fouad, COP29 is not just a diplomatic platform—it’s an opportunity to ensure that Egypt and the broader developing world have the support they need to combat the climate crisis, protect vulnerable communities, and build a more resilient, sustainable future.
