Egyptian President Abdel-Fattah El-Sisi with officials and African ministers pose for an image before the start of Egypt-ICF 2022 on Wednesday 7 September, 2022. Photo courtesy of Egyptian spokesman Facebook page.
The vice chairman for banking and capital markets at Citi Bank asserted that public-private partnerships (PPP) can accelerate investments in climate action, adding that climate-related projects need to be supported with official tools.
He also called for utilising equity investors to invest intensively in energy projects in Africa to accelerate the green transition in the continent.
Chairman of the Tony Blair Institute for Global Change Tony Blair said that the Sharm El-Sheikh Guidebook for Just Financing is a practical tool for identifying the challenges caused by the climate change that affect the African continent, as well as show how to leverage public and private sector finances to mitigate and adapt to them.
“This guidebook is a practical and technical example of the leadership Egypt’s presidency and government are showing in the lead-up to the to the COP27. I want to congratulate Dr Rania A. Al-Mashat and the government for launching this guidebook,” said Blair.
“It is now about implementation” in terms of accelerating the climate action efforts, Blair asserted, as well as about fulfilling the developed countries’ financial commitments to developing economies for adaptation and mitigation.
“We have to increase our commitment for developing countries. It is more important now besides fighting the climate change itself,” Blair stated.
Guidebook for Just Financing
Minister of International Cooperation Rania Al-Mashat revealed the first draft of Sharm El-Sheikh Guidebook for Just Financing, which will be launched during the anticipated COP, scheduled to be held in November.
El-Mashat made the announcement during a roundtable discussion held on Thursday on the sidelines of Egypt-ICF 2022 entitled: “Sharm El-Sheikh Guidebook for Just Financing.”
“This guidebook translates commitments into implementable projects and capture opportunities to leverage and catalyse needed finances and investments to support the climate agenda. Especially in Africa with key objective of maximising the effectiveness and efficiency of existing climate finance architecture through proposing an actionable roadmap for all the stakeholders to achieve just financing outcomes,” the minister explained.
In the same vein, Egypt targets allocating $15 billion in order to finance climate-related projects in the country, said Sherine El-Sharkawy, deputy minister of finance for economic affairs.
The second edition of the Egypt-ICF 2022 and the Meeting of the African Ministers of Finance, Economy and Environment kicked off at the New Administrative Capital, under the auspices of and with the attendance of Egyptian President Abdel-Fattah El-Sisi. It was organised by the Ministry of International Cooperation in partnership with the ministries of foreign affairs, finance and environment, and in cooperation with the United Nations Economic Commission for Africa.
The forum is held 60 days ahead of COP27 under the theme “Moving from Pledges to Implementation.”
The forum’s overall objectives include ensuring that African climate financing meets the continent’s actual needs, giving priority to the procedures that African countries can execute with increased climate financing, showcasing successful development experiences and supporting fresh initiatives and doable climate adaptation and mitigation policies.
AfdB's Country Strategy for Egypt 2022-2026
On the sidelines of the event, the African Development Bank (AfDB) and the Ministry of International Cooperation launched the bank’s Country Strategy for Egypt 2022-2026.
The new country strategy aims to underscore the importance of strengthening development cooperation projects, support Egypt’s Action Programme Plan, enhance the business environment and develop economic infrastructure that aims to achieve industrial and technological development.
It also targets developing skills to enhance the private sector’s engagement, creating job opportunities, scaling up water use and efficiency, as well as developing and modernising the agricultural sector to respond to food security requirements with the objective of advancing the green transformation to satisfy the rapid population growth in Egypt.