Egypt urges more global financing for adaptation at first-ever climate week in Dubai

MENA , Ahram Online , Tuesday 29 Mar 2022

Egypt's Minister of International Cooperation Rania Al-Mashat said on Monday that upping finances has become a necessity to develop climate change adaptation projects.

Rania Al-Mashat

The projects aim to ease and mitigate the negative impact and repercussions of climate change, Al-Mashat said while participating in a high-level session as part of activities of the 2022 Middle East and North Africa Climate Week (MENACW), the first ever in Dubai.

She also stressed the necessity of increasing hybrid financing solutions to raise financing by the private sector toward the green transition.

The event is organised by the United Nations Development Program (UNDP) in the Emirati city from 28 to 31 March 2022.

Al-Mashat discussed chances of boosting green growth and overcoming challenges posed by climate change in addition to the implementation of international agreements on maintaining and preserving the climate.

The African continent is in dire need of enormous financing to fund projects aimed at combating climate change and encouraging the private sector to take part in these ventures, Al-Mashat said.

She said multilateral banks and international financing institutions play an important role, which, she added can support the participation of the private sector in promoting green transition efforts through technical support and innovative financing solutions.

MENACW 2022 commenced positively, with stakeholders reiterating their commitment to collective action to combat climate change regionally and globally.

MENACW provides a platform for promoting dialogue and accelerating efforts to achieve climate action ambitions in the region.

Participants emphasize the importance of concerted efforts to increase the momentum of climate action and respond to environmental challenges.

Egypt is preparing to host the 2022 United Nations Conference of Parties on Climate Change Conference (COP27) in Sharm El-Sheikh in November.

Cairo has vowed to speak up for Africa's aspirations to cope with climate change at the COP27.

Egypt has said it places priority on projects to mitigate the effects of climate change, including a focus on meeting the obligations of the Paris Agreement and exploring how the private sector and NGOs can play a role in financing green investments during the conference.

Cairo also stressed it will build at the COP27 on the outcomes of Glasgow's COP26 to move from the stage of climate pledges to actual action on the ground, whether in reducing emissions or financing climate-oriented projects in developing African countries.

Short link: