During the World Economic Forum’s (WEF) Sustainable Development Impact Meetings in New York, coinciding with the 78th session of the United Nations General Assembly, Dr. Rania Al-Mashat, Minister of International Cooperation, held a bilateral meeting with the WEF’s Managing Director for the Centre for Nature and Climate, Neo Gim Huay.
They discussed aspects of joint cooperation to enhance development efforts and benefit from the initiatives launched by the WEF, especially the maximizing the role of the Giving to Amplify Earth Action (GAEA), increasing the efforts of philanthropic organizations in financing climate action and cooperating with the private and government sector; stimulating the transition to a green economy.
The Minister discussed the synergy and integration between the country platform of the “NWFE” program and the GAEA initiative, and the importance of implementing the initiative through the program that aims to mobilize climate investments to stimulate the transition to a green economy and implement the national strategy for climate change, through joint cooperation between the government, private sectors, multilateral and bilateral development partners, and philanthropic organizations, pointing out that the “NWFE” program is an example of national platforms that are based on country ownership and include projects that attract investments in mitigation and adaptation to climate change.
In the same context, the WEF published an article by Al-Mashat and Huay on the opportunities and areas of integration between the NWFE program and the GAEA initiative, and the importance of the participation of philanthropic organizations in efforts to finance climate action, accelerating the pace of progress towards achieving climate ambitions and supporting efforts to transition to a green economy.
The article highlighted Egypt’s presidency of COP27, and the efforts that took place over the past period within the framework of the “NWFE” program, the nexus of water, food and energy projects, which is a model for national platforms aiming to advance climate action and expand the scope of climate investments in developing countries and emerging economies.
The Minister stressed that building resilience and preparing for the future has become an imperative necessity to protect future generations, and that the water, food, and energy sectors have become among the most important sectors; those most affected by climate change.
Therefore, in July 2022, Egypt launched the “NWFE” program, which aims to mobilize climate investments for mitigation and adaptation projects, through concessional development financing and blended financing to stimulate private sector investment, debt swaps, and investment guarantees.
The program includes 9 priority projects selected from among 26 major priority projects identified within the National Climate Change Strategy 2050 for implementation by 2030.
The article included a review of the most important details of the program and the role that Egypt played in launching this pioneering platform that includes financing and technical support for the implementation of the Nationally Determined Contributions (NDCs) and the implementation of the National Climate Change Strategy 2050, noting that recent months have witnessed intensive work in partnership between development partners, the private sector, and international financing institutions; among them are the Glasgow Financial Alliance, HSBC, Citibank, the International Renewable Energy Agency (IRENA), the European Bank for Reconstruction and Development (EBRD), the International Fund for Agricultural Development (IFA), the African Development Bank (AfDB), the World Bank, as well as countries such as the United States of America and Germany.
The article discussed the ongoing efforts to mobilize climate financing and targeted investments within the framework of the “NWFE” program in light of Egypt’s presidency of COP27 and in preparation for COP28 in the UAE, as the program presents a new approach to multilateral cooperation that combines government efforts, private sector financing, development partners, and philanthropic organizations.
The article reviewed partnership opportunities to enhance cooperation and integration between the NWFE program and the GAEA initiative to create partnerships with philanthropic organizations that stimulate climate action and provide a model for other countries, in light of the role that these organizations can play in accelerating the pace of progress towards advancing development efforts and; going from pledges to implementation to unlock the $3 trillion needed annually for climate action and green economy solutions.
Moreover, the Minister stated that the program includes a variety of projects within a clear methodological framework, including replacing thermal power plants with conventional power plants, enhancing the adaptation of small farmers to the risks of climate change, building resilience, and establishing early warning systems, noting that the program witnessed great momentum at the international level during COP27 in Sharm El Sheikh. The coming period will witness more work to reach the desired results in conjunction with the UAE hosting the next edition of the conference.
Al-Mashat added that one of the most prominent aspects of international support for the program is the joint political declaration between the Arab Republic of Egypt, the United States of America, and the Federal Republic of Germany, which witnessed the two countries’ pledge to support Egypt’s transition towards low-carbon development through the implementation of the energy axis within the “NWFE” program.
With this commitment, Egypt and Germany have strengthened their cooperation to enter into a debt swap agreement worth more than $100 million for the benefit of the energy sector in the program, enhancing efforts to mobilize funds to implement renewable energy power plants with a capacity of 10 gigawatts by 2028, which is in line with the Nationally Determined Contributions (NDCS) and Egypt’s commitment to increase the renewable energy mix to constitute 42% of total energy by 2030.
The Minister of International Cooperation confirmed that these plans, in light of the global interest in renewable energy, in addition to Egypt’s unique geographical location, enhance its transformation into a global center for green transformation and renewable energy due to its proximity to European and Asian markets, pointing out that the “Novi” program reflects the role of governments as a strong driver of action. climate change by establishing approaches, legislation, a clear vision, and governance frameworks that enhance efforts to mobilize climate finance.
She stated in her article that the cooperation between “NWFE” and GAEA aims to launch a type of comprehensive partnerships that unleash green investments, as well as provide a model for other countries that can be applied and expanded to enhance climate financing for adaptation and resilience projects, in order to encourage methodologies for transitioning from pledges to implementation, while benefiting from knowledge and consolidating successful practices through comprehensive partnerships.
More from the Minister’s article: https://www.weforum.org/agenda/2023/09/egypt-water-food-and-energy-nexus-programme-blueprint-fight-climate-change/
The Minister stressed that the great potential available to philanthropic organizations enhances progress towards implementing development projects for the sake of humanity and the planet, and the partnership between the government and private sectors enhances the process of structuring and preparing realistic and implementable climate action projects, noting that the success of this endeavor is expected to mobilize climate finance, as well as exchange of expertise and innovative ideas to achieve ambitious global goals. In this context, Egypt has achieved great progress and provided models and visions that other countries can emulate.
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