Al-Mashat Participates in High-level Meeting on GAEA Initiative

On the sidelines of the activities of the seventy-eighth session of the UNGA in New York, Egypt's Minister of International Cooperation Rania Al-Mashat participated in a high-level meeting, aimed at following up on the implementation steps of the World Economic Forum’s (WEF) “Giving to Amplify Earth Action” (GAEA) initiative.

The high-level meeting on the GAEA initiative was chaired by Her Majesty Queen Rania Al Abdullah, and Mr. Klaus Schwab, Chairman of the World Economic Forum.

The initiative was first announced at the COP27 climate conference, and then officially launched at the Davos events at the beginning of this year, by the WEF, in cooperation with more than 45 partners, and McKinsey Sustainability as a knowledge partner.

The initiative catalyzes comprehensive partnerships between the government, private and philanthropic organizations to unlock $3 trillion in financing needed annually to achieve equitable solutions to advance climate action, advance net zero and restore biodiversity by 2050.

Mr. Badr Jaaar, CEO of Crescent Enterprises and Special Representative for Business and Charity at COP28, participated in the meeting.

Many representatives of governments, philanthropic organizations, and the private sector also participated, including the European Commission and representatives of the governments of Gabon, the Philippines, and Germany, Norway, Indonesia, Tanzania, Barbados, Ghana, the UAE, Colombia, the European Investment Bank (EIB), the Asian Infrastructure Investment Bank (AIIB), the African Development Bank (AfDB), the United Nations, the World Bank, and Colombia, in addition to the Rockefeller Foundation, the IKEA Foundation, the Bezos Land Fund, and the Bezos Foundation, Hoffman Family, Unilever, Apple, HSBC, BlackRock, Google and other institutions.

Her Majesty Queen Rania Al Abdullah and Mr. Klaus Schwab, Chairman of the WEF spoke about the importance of the initiative to maximize partnerships and mobilize funds based on shared responsibilities and the implementation of climate pledges. Mr. Badr Jafar also pointed out the importance of the initiative in light of the UAE’s hosting of the COP28 climate conference, which aims to enhance the role of philanthropic institutions.

Al-Mashat focused on reviewing the integration between the national platform for green projects, the “NWFE” program, and the GAEA initiative, in order to develop models of partnerships with philanthropic organizations to advance innovative solutions for climate action, stressing the importance of the strategic role that it can play by engaging stakeholders and policymakers to benefit from the great potential for cross-party integration to provide climate finance.

The Minister referred to the pillars of the “NWFE” program and the efforts made with multilateral and bilateral development partners since the launch of the platform, in order to mobilize investments for projects to mitigate and adapt to climate change.

She also pointed out the initiative launched by the Egyptian Presidency of the Climate Change Conference COP27 to promote equitable finance through the “Sharm El Sheikh Guidebook for Just Financing”, which consolidates the idea of comprehensive partnerships and defines the roles of all relevant parties to mobilize climate finance and reach net zero.

The event witnessed discussions on activating the initiative by applying it to the “NWFE” program, which is a model for national platforms aimed at promoting climate action, mobilizing investments, and integrating philanthropic organizations in efforts to mobilize climate finance and create comprehensive partnerships that unleash the potential and capabilities of relevant entities.