Egypt launches a greening investment plan for Africa at the COP27

Ahram Online , Thursday 17 Nov 2022

Egypt’s Minister of Planning and Economic Development Hala El-Said launched on Thursday the Friends of Greening National Investment Plans for Africa and Developing Countries Initiative that capitalises on the success stories of partners in tackling the impacts of climate change.



The friends of the initiative will voluntarily work on increasing the share of green projects in their national investment plans by at least 30 percent by 2030, El-Said said during the launching ceremony.

She noted that the initiative was launched in partnership with several countries, regional and international organisations, and financial institutions.

The initiative will help shape the economic policies that contribute to mitigation and adaptation efforts, El-Said said.

The initiative will propose a set of guidelines for expediting the implementation of the United Nations Framework Convention on Climate Change (UNFCCC), Paris Agreement, and the Nationally Determined Contributions (NDCs), El-Said added.

The initiative is in line with the need to “work collaboratively towards finding solutions to tackle climate change in light of the fact that developing countries, especially in Africa, are the most vulnerable to the impacts of climate change,” she stressed.

El-Said made the launch announcement during the opening of the Solutions Day to exchange views and expertise and to figure out new, innovative, and comprehensive solutions for the global climate crisis.

COP27, which started on the 6 of November and is set to conclude tomorrow, has seen various efforts by a number of parties to support African countries in implementing their climate commitments and accessing climate finance.

On Saturday, Egypt launched the Decent Life for a Climate Resilient Africa Initiative, which aims to integrate climate action into sustainable rural development in Africa.

The initiative was launched during the Agriculture and Adaptation Day at COP27.

On Friday, the COP27 President Sameh Shoukry announced the launch of the Cairo Centre for Learning and Excellence on Adaptation and Resilience to accelerate climate adaptation across Africa.

In addition, COP27 saw the launch of the UN-backed Africa Carbon Markets Initiative (ACMI) last week with the goal of raising African carbon credits.

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