Al-Mashat Participates in Diverse Preparatory Activities for Upcoming COP28 in UAE

Dr. Rania Al-Mashat, Minister of International Cooperation, participated in a number of preparatory events organized by the United Arab Emirates, ahead of COP28, where H.E. spoke in a panel discussion on “Inclusive Finance: Progress and Obstacles for a Just Transition to a Resilient, Nature-Positive World” in the High-Level Meeting on “Finance for Action: Taking Stock and Moving Forward”.

 This was attended by the Independent High-Level Expert Group (IHLEG) on climate finance and representatives of international financing institutions and development partners; In addition, the Minister of International Cooperation held a number of bilateral meetings with development partners and stakeholders.

The Minister of International Cooperation participated as a speaker in a panel discussion on “Inclusive Finance: Progress and Obstacles for a Just Transition to a Resilient, Nature-Positive World”, along with 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.

During the meeting, the Minister reviewed development cooperation efforts to promote just climate financing under the umbrella of the Egyptian presidency of the COP27, and the initiatives launched to stimulate climate investments in developing countries and emerging economies, foremost of which is the launch of the "Sharm El-Sheikh Guidebook for Just Financing” and the launch of the Country Platform for the Nexus of Water, Food and Energy (NWFE), representing an actual application of national platforms to stimulate climate investments and in implementing the Nationally Determined Contributions (NDCs).

H.E. emphasized that the "Sharm El-Sheikh Guidebook for Just Financing" includes a clear definition and concept of just financing and 12 clear recommendations with the aim of enhancing climate finance in developing countries and emerging economies to support their ability to implement their climate ambition and implement their NDCs. The guide provides 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.

The Minister also touched on the NWFE program, as a country platform based on the foundations of country ownership to stimulate climate action and attract investments, by focusing on the areas of water, food and energy to enhance mitigation and adaptation efforts in combating climate change. H.E. noted efforts made since COP27 with diverse partners including the European Bank for Reconstruction and Development, the African Development Bank, and the International Fund for Agricultural Development, to coordinate joint action and enhance cooperation between the various relevant parties to mobilize climate investments and blended financing that stimulate the private sector to implement program projects.

Al-Mashat also 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.

Independent High-Level Expert Group on Climate Finance (IHLEG)

In a related context, the Minister participated in the Independent High-Level Expert Group on Climate Finance (IHLEG), assessing the progress achieved and innovative means of financing since the COP26 in Glasgow, the role of the private sector, as well as defining the structures of climate financing tools and development progress; identifying the gaps and challenges that need urgent action, as well as the road map from COP27 to COP28.

The event was also attended by Managing Director of the IMF Kristalina Georgieva, COP28 President Designate Dr. Sultan Al-Jaber, COP27 Climate Champion Dr. Mahmoud Mohieldin, co-Chairs of the IHLEG Vera Songwe and Nick Stern, G20 Expert Group Larry Summers, GFANZ President Mark Carney, President of Center for Global Development Masood Ahmed, COP28 Secretary General Amb. Majid Al-Suwaifi, IFC Managing Director Makhtar Diop.

The participants presented their recommendations to establish a new framework for international climate financing and a road map for implementation mechanisms during the COP28 conference. They also agreed at the meeting to take the necessary steps to establish a new framework for international climate financing, and to achieve tangible progress in the next climate conference and its subsequent sessions.

Bilateral Meetings

Al-Mashat held a number of bilateral meetings, where she met with CEO of Africa50 Alain Ebobisse on efforts to enhance joint cooperation in light of the role played by NWFE in promoting investment in infrastructure, bridging the financing gap for infrastructure development in Africa, mobilizing funds from the government and private sectors, and expanding the organization's work in Egypt based on successful experiences and its contribution to strengthening technical support for companies implementing the Benban solar complex.

The Minister also met the Managing Director of the Climate Policy Initiative Barbara Buchner on strengthening joint cooperation to support climate action efforts and exploring cooperation opportunities to stimulate development efforts and green transformation, pointing to the vital role that the initiative is doing to provide new financing solutions, monitor climate finance flows globally, collect and analyze data related to climate finance globally, and promote efforts to adapt to the repercussions of climate change.

The Arab Republic of Egypt chaired the Conference of the Parties to the United Nations Framework Convention on Climate Change, COP27, last November in Sharm El-Sheikh, and witnessed the exceptional participation of about 120 heads of state and government from around the world, and the participants agreed to launch a new five-year work program in COP 27 to enhance climate technology solutions in developing countries, and the Mitigation Action Program was launched in Sharm El-Sheikh, with the aim of accelerating the expansion and implementation of mitigation ambition. The conference also reached a historic agreement on the Loss and Damage Fund, in addition to many agreements.

During the conference, Egypt made great progress on the level of climate action by launching many initiatives and signing agreements to promote the transition to a green economy, including the NWFE program, to stimulate climate investments and blended financing for the private sector. Several agreements were signed to stimulate green financing, and the Sharm El-Sheikh Guidebook for Just Financing was issued as an international initiative to stimulate climate finance in developing countries and emerging economies.