Egypt's Minister of International Cooperation Dr. Rania Al-Mashat officially released the "Sharm el-Sheikh Guidebook for Just Finance", which is a presidential initiative launched by the Egyptian state during a high-level event on the sidelines of the COP27, hosted in Sharm el-Sheikh from November 6-18.
The Sharm el-Sheikh Guidebook for Just Finance aims to stimulate climate-related financing, strengthen multilateral cooperation efforts and international partnerships, and develop an international framework for innovative financing, in the light of the challenges that lie ahead, according to a statement recently issued by the Ministry of International Cooperation.
The Sharm el-Sheikh Guidebook is consistent with the objectives of the Egyptian Presidency of the Climate Conference to move from pledges to implementation and promotes comprehensive partnerships to achieve a resilient and sustainable recovery, facilitate access to equitable financing, and drive relevant parties to play their respective roles on the basis of shared and differentiated responsibility, to support developing countries in their efforts to transition to a green economy.
In her address, Al-Mashat stressed that in light of the growing interest in addressing climate change and its negative consequences, the issue of climate finance has become a top concern of the international community. As the economic fallout the world faces is exacerbated by the coronavirus pandemic and the Russian-Ukrainian war, developing countries and emerging economies are desperate for these financing to continue their development and climate action efforts.
The Minister of International Cooperation also noted that despite the world's tremendous pledges made at the Glasgow Climate Conference, Developed countries have pledged $100 billion since 2009 to developing countries.
“Needs have doubled to $200 billion according to international reports and indicators,” said the Minister. “On this basis, the "Sharm el-Sheikh Guidebook for just Finance" has been prepared to serve as a practical guide to a joint and coordinated effort with development partners to stimulate climate finance.”
The Manual sets out a flexible and feasible international framework for the equitable distribution of climate finance in developing and emerging economies in general and in African countries in particular, where it relied on a participatory dynamic approach for all relevant parties. For the preparation of this manual, publications on climate finance have been reviewed to identify the current position of the climate finance landscape and to identify precisely the challenges and how the manual contributes to the consolidation and revitalization of climate finance.
The preparation of the manual was based on a participatory approach, Consultations with more than 100 relevant Parties representatives of Governments, multilateral and bilateral development partners, the private sector, commercial and investment banks, climate finance funds, think tanks, and non-profit organizations and 6 working groups were launched and a development partner took responsibility for coordinating each cluster in order to formulate and draw lessons learned and practical recommendations on equitable climate finance, the statement noted.
Based on the importance of the COP27 Climate Conference and its specificity for the continent of Africa, which contributes only 3.8% to harmful emissions, while receiving only 5% of climate finance flows. At a time when its needs are estimated at $250 billion per year for the period 2020-2030, the Sharm el-Sheikh Guidebook for Just Finance worked to formulate recommendations aimed at stimulating climate finance on the continent of Africa and increasing investment in mitigation and adaptation projects.
The launch event featured an appearance by Mr. Tony Blair, former British Prime Minister and President of the Institute for Global Change, Mr. Akinumi Idesina, President of the African Development Bank, and Mr. Amperuez Fayuli s Development ", Vice-President of the European Investment Bank, and Mr. Mark Carney, United Nations Climate Finance Envoy and Chairman of the Glasgow Financial Alliance, GFANZ, and Mr. Axel van Trostenberg, Managing Director, Operations, World Bank Group, Ms. Khalida Bozar, Assistant Secretary-General and Director of the Regional Office for the Arab States, United Nations Development Program, Mr. Jay Collins, Vice-President of Citibank, and Mr. Bo Lee International Monetary Fund Deputy Director-General, Mr. Mark Bowman, Vice-President of the European Bank for Reconstruction and Development, Seaforall, Rockerfeller and other representatives of the international community.
Follow the latest news on Google News
