The Minister of International Cooperation, Rania Al-Mashat, Participates in a High-level Event on the Role of Multilateral Development Banks in Climate Financing and Health within the Activities of Health and Climate Day, which is organized for the 1st time during COP28.
During the activities of the United Nations Climate Conference COP28, the Minister of International Cooperation, Rania Al-Mashat, participated in a high-level discussion session on “Climate Finance and Health: Strengthening the Role of Development Banks and International Institutions,” with the participation of Mamta Murthi, Vice President of the World Bank for Human Development, Thomas Ostros, Vice-President of the European Investment Bank (EIB), Mohamed Guled, Vice-President of the International Finance Corporation (IFC), Kambita Pichet, CEO of the Rwanda Development Bank, Zamir Iqbal, Vice-President of the Islamic Development Bank (IsDB), and Sir Danny Alexander, Vice-President the Asian Infrastructure Investment Bank (AIIB).
The session discussed the impact of the climate crisis on human health, as the crisis is expected to push 132 million people into extreme poverty by 2030, and the necessity of strengthening climate and health investments to overcome these risks. It also discussed the role of multilateral development banks in increasing the required financing in light of their ability to mobilize financial resources and technical expertise, in addition to supporting countries and relevant parties to mobilize the necessary additional financing and unleash private capital.
In her speech, Al-Mashat stressed the importance of allocating a day for health during the climate conference, and the importance of the interconnection between them in light of the negative repercussions caused by climate change on human health, explaining that all countries now have national strategies for climate action and they also have programs related to health, which must be characterized by these strategies, plans and projects are coordinated to achieve the goals of climate action and preserve health at the same time.
H.E. explained that in light of the increase in the scale of climate disasters and their direct link to the impact on food and water security, which hurts human health, adopting a joint approach for all parties and increasing innovative financing for climate health from multilateral development banks, especially for developing and least developed countries, has become extremely important.
In addition, it is necessary to align climate and health strategies to improve efficiency and enhance the ability to respond to crises.
Al-Mashat cited the efforts made by the Government of Egypt in this regard and enhancing the participation of multilateral development banks in health projects in a way that stimulates private investments, as the World Bank, along with the Japanese International Cooperation Agency (JICA) and the French Development Agency (AFD), contribute to financing the comprehensive health insurance project. Noting that the Ministry of International Cooperation is keen to enhance coordination and harmony between the governance of each development partner and the other to ensure the integration of efforts and maximize the use of funds.
H.E. also touched on many projects implemented with development partners that link climate and health goals, including the air pollution control project in Greater Cairo in cooperation with the World Bank Group (WBG), which enhances the state’s ability to confront climate change and reduce emissions that harm the health of citizens.
In addition to the Climate and Development Report (CCDR), which was launched with the WBG during COP27 as the first country to launch the report in the Middle East and North Africa region, it reviews the opportunities and challenges to achieve harmony between development, climate action, and the green transition in Egypt.
H.E. stated that the climate and development report includes methods and policies that reduce the effects of climate change, improve procedures aimed at the efficient use of natural resources, and finance projects in a way that reduces climate risks to the health of citizens.
At the same time, Al-Mashat touched on the Declaration on the Development of Climate Finance Mechanisms that was approved at COP28, which stressed the importance of national platforms that are based on state ownership.
She pointed out that the ability of countries to create harmony between sectors and add health within those platforms would enhance the interconnected goals of achieving progress in climate action and preserving the health of citizens at the same time.
She also stressed that devoting a day to health at the climate conference would enhance discussions and cooperation between various relevant parties to advance development, climate action, and health more effectively.
Al-Mashat continued that the importance of national platforms does not stem only from financing but also from developing policies that enhance joint work between various parties, adding that the concept of green transformation has become essential as countries seek to obtain mixed financing, but also adding validity to those concepts and projects would enhance development efficiency and increase private sector participation.
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