Al-Mashat: Egypt's Hosting of COP27 Strengthened Concepts, Efforts of Climate Action in All Institutions

 

H.E. Dr. Rania A. Al-Mashat, Minister of International Cooperation, said that green transformation and climate action are no longer new concepts, but have rather become entrenched in the goals, strategies and visions of different countries, as well as institutions from the government and private sectors, explaining that Egypt's COP27 presidency reinforced this concept in country. This also coincides with the launch of the National Climate Change Strategy 2050 and its endeavor to enhance green transition efforts and develop Nationally Determined Contributions (NDCs).

These remarks came during an event organized by the WBG yesterday, on the launch of the first Country Climate Development Report (CCDR) in Egypt and the region, with the participation of H.E. Dr. Yasmine Fouad, Minister of Environment, Gareth Bayley, British Ambassador, Meskerem Brhane, the WBG MENA Regional Director for the Sustainable Development Department, Marina Wes, WBG Regional Director for Egypt, Yemen and Djibouti at the World Bank, and Stefan Koberlei, WBG MENA Director of Strategy and Operations in the Office and Vice President, alongside with many representatives of stakeholders and development partners.

The Minister of International Cooperation stressed the importance of the CCDR, which the Arab Republic of Egypt is the first country to launch in cooperation with the WBG in the MENA region, in order to review the challenges and opportunities available to achieve compatibility between development goals, climate action and green transformation.

The CCDR includes: (1) cost-effective adaptation methods and approaches to reduce the negative impacts of climate change, (2) policy interventions and actions to improve the efficient use of natural resources, and create additional fiscal space to finance projects that reduce people and the economy's vulnerability risks of climate shocks, and (3) actions that can help avoid compliance with carbon-emitting activities through changes at the policy level with consideration to reduce related costs.

Moreover, the Al-Mashat thanked the technical teams from the Ministries of International Cooperation and Environment, the relevant national entities and the WBG for their continuous work to produce the CCDR in its final form, in line with the country's vision and efforts for green transformation, pointing out that the Ministry of International Cooperation is developing the transformation component; green, in all country strategies prepared with development partners.

Al-Mashat indicated that the development witnessed by the climate action file during COP27, pushing the country forward in terms of the green transition, adaptation and mitigation efforts, and loss and damage. At the climate conference, the Ministry of International Cooperation has worked on promoting equitable climate financing through the “Sharm El-Sheikh Guidebook for Just Financing”, as well as the Country Platform for the Nexus for Water, Food and Energy, the "NWFE" program, enhancing the move from pledges to implementation and creating partnerships to encourage blended finance. 

The minister also stressed the importance of the "NWFE" program in providing a national platform that stimulates equitable climate financing in Egypt.

Additionally. H.E. referred to the launch of the "Sharm El-Sheikh Guidebook for Just Financing", which presents down recommendations and principles in order to stimulate blended financing, enhance joint action between the relevant parties to implement development projects, and replicate successful implemented projects in Egypt, such as the Benban solar power plant. 

The CCDR identifies policy measures and investment opportunities that can be implemented within five years, leading to more efficient use and allocation of natural resources, reducing the effects of climate change on people and businesses, and enhancing Egypt's ability to compete in global markets.