FM Cleverly confirms COP27 attendance as UK launches Climate Finance Accelerator in Egypt

Ahram Online , MENA , Wednesday 5 Oct 2022

The UK embassy in Egypt has launched the Climate Finance Accelerator (CFA) – a technical assistance programme funded by the UK government – to help low-carbon projects in Egypt access the funding they need.

 James Cleverly
Britain s Foreign Secretary James Cleverly attends the second day of the annual Conservative Party Conference in Birmingham, central England, on October 3, 2022. AFP

 

The programme was launched during a celebration held on Tuesday by the UK embassy in Egypt under the title “one month to go” to mark one month until the UN Conference on Climate Change (COP27), which is set to held in the Egyptian Red Sea city of Sharm El-Sheikh in November.

The CFA operates in Nigeria, Colombia, South Africa, Turkey, Mexico, Peru, and Pakistan and seeks to expand in Egypt with the aim of encouraging the flows of finance required to deliver on countries’ ambition to limit global warming to 1.5°C.

In Egypt, the CFA will bring together the key actors in the climate finance investment chain, including project proponents and developers, finance providers, and policymakers.

CFA Egypt is initially looking for around 10 projects at the pre-feasibility stage that are seeking investment of at least $1 million, and aims to improve the flow of green finance or climate finance in Egypt.

These projects will receive support from various experts to accelerate their project development and optimise their chances of securing the financing they require, the embassy clarified in a statement ahead of the event.

The projects will be selected by Egyptian and international experts based on four main criteria: climate mitigation potential, project maturity, financial structuring, and gender equality and social inclusion.

Application for the programme is available online until 16 October.

Minister of the Environment Yasmine Fouad, who is also the Ministerial Coordinator and Envoy for the COP27, and Minister of International Cooperation Rania Al-Mashat participated virtually in the launch ceremony.

During the event, British Ambassador in Cairo Gareth Bayley said the CFA programme is making changes on the ground in African countries and worldwide as far as climate action is concerned.

In a recorded speech aired during the celebration, UK Foreign Secretary James Cleverly underscored the necessity of having all countries join efforts to reach a common goal to limit global temperature rise to well below 1.5 degrees Celsius.

Minister Cleverly said he would be attending COP27.

Cleverly’s announcement comes amid reports that the UK’s King Charles III, known for his environment support, will not travel to next month's COP27 climate summit. The reports claimed that this was upon advice from the UK’s newly appointed Prime Minister Liz Truss.

The reports highlighted concern's that the UK new prime minister – who was appointed by the late queen two days before the monarch’s died – may scale back the country’s climate commitments. However, other reports said on Wednesday that Russ will attend the event.

Hopes are pinned on COP27 to push developed countries to honour their pledges to finance climate adaptation and mitigation efforts in developing countries.

The late Queen Elizabeth II and King Charles addressed the climate summit in Glasgow last year.

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