Shoukry made his statements during the AmCham in Egypt’s two-day forum, which kicked off on Monday under the title ‘Building Momentum to the UN COP 27… Strengthening Public-Private Sector Collaboration on Climate Challenge.’

Shoukry said that Egypt is committed to working hand-in-hand with all parties to address climate change and its related negative impacts and to ensure the availability of sustainable and credible investments required in this regard.

The minister also noted that COP27 will build on the momentum of COP26, which was held in Glasgow in October 2021.

Shoukry asserted the need to push forward all efforts to meet climate action goals by 2030 by closely collaborating with the business community on the global and domestic levels. He also affirmed that Egypt is working closely with the US business community in the same area.

During the event, Egypt’s Prime Minister Mostafa Madbouly showcased the government’s efforts on climate action, which include legislating new laws and amending existing ones to support green investments, setting environmental regulations for all business entities in the country, issuing MENA’s first-ever green bond at $3.7 million, enacting a waste management law that encourages investors to pump investments in this area, and including green finances in the action plans and policies of banks operating in Egypt.

The First US Special Presidential Envoy for Climate Action John Kerry said that the world is not on a good track in terms of dealing with the severe impacts of climate change, adding that the current usage of coal is responsible for about 90 percent of the warming issue.

Kerry noted that even though natural gas is important for green transition, the world needs to go faster and cleaner by capitalising on renewables and technology solutions to address climate change and to meet the goal of reducing the global temperature by 1.5 degrees by 2030.

On COP26, Kerry said that countries that account for 65 percent of the global GDP have committed through this conference to meet its obligations on climate action.

However, Kerry said the world does not have the ability to meet the 25 percent net zero goal by 2030 amid the ongoing challenges in terms of global supply chains, the spread of COVID-19 variants, and business disruptions.

“The business community has the ability to drive the green transition and to utilise its financing to reach innovative and good solutions for climate change. The private sector can structure the required financing for this transition and do what governments cannot do,” Kerry explained.

In this respect, Kerry asserted the need of collaboration between the private sector, banks, and financial institutions to secure the required finances going forward.

He added that he has managed to conclude deals with six of the major banks in the US, including Goldman Sachs and Bank of America, to secure investments totalling $4 trillion through 2030 for the sake of climate action.

He also stressed that adaptation, mitigation, and finance are the major issues that all countries have to focus on in their climate action efforts.

For her part, Suzanne Clark, the President and CEO of the US Chamber of Commerce, said that Egypt is uniquely positioned to host COP27 as a leading country in the region and the African continent.

She also affirmed the role of the private sector in leveraging climate solutions and securing finances in this area.

Clark pointed out that 2022 marks 100 years of diplomatic ties between Egypt and the US, stressing that the US in committed to backing Egypt’s efforts in addressing climate change.

Mayron Brilliant, the Executive Vice President and Head of International Affairs at the US Chamber of Commerce, emphasised the role the private sector can play in leading the process of clean transition, especially in the energy sector, and driving forces to meet the UN2030 climate goals.