This came in his statement during the International Financial Architecture for the 21st Century seminar on the sidelines of the 79th Session of the UN General Assembly (UNGA) in New York on Tuesday. 

Kerry noted that NWFE seeks to replace 12 conventional 5 GW power plants with 10 GW renewable energy projects.

He added that this would reinforce Egypt's clean energy stance and enable it to export to neighbouring countries.

Kerry noted that the world needs between $2.5 and $5 trillion annually to eliminate emissions by 2030, demanding developing countries increase their international contributions to climate action and reduce dependence on projects that increase emissions.

The NWFE programme was launched during COP27 which Egypt successfully hosted in November 2022 to accelerate the national climate agenda. 

According to the NWFE platform, it is an effective regional model and concessional funding methodology for addressing adaptation, mitigation, and resilience issues.

Speakers at the seminar included Egypt's Minister of Planning, Economic Development and International Cooperation Rania Al-Mashat, Administrator of the UN Development Programme Achim Steiner, and former Colombian minister of finance José Antonio Ocampo.

For her part, Minister Al-Mashat said that coordination between different parties is essential to solving challenges that countries face towards development and progress and implementing effective financial reforms, including the development gap.

Furthermore, she stressed the importance of providing additional financing to countries facing high debt levels, noting that more than 60 percent of GDP goes into debt service.

Global challenges

During the session, Steiner explained that the reform of the infrastructure of the international financial is a central objective that must be applied to overcome the contradictions in this system.

"It is inconceivable for the current financial system, which has operated for 80 years, to function effectively in today's context," he said.

For his part, Ocampo said that the most pressing issue currently is the indebtedness experienced by many countries, especially in sub-Saharan Africa, which required action by the international community.

He stressed the importance of increasing financing for development.

On Sunday, the UNGA endorsed a plan to unite the world's fragmented nations to address 21st-century challenges, including climate change, artificial intelligence, rising conflicts, and growing inequality and poverty.