Financing is a ‘bottleneck’ issue for climate action: Egypt PM at Africa Climate Summit

Habiba Hamdy , Tuesday 5 Sep 2023

Financing remains the "critical bottleneck" confronting Africa and developing nations as they strive to viably realize their aspirations of tackling the climate crisis, said Egyptian Prime Minister Mostafa Madbouly on Tuesday in his speech at the Africa Climate Summit (ACS) in Kenya.

Egypt PM
Egyptian Prime Minister Mostafa Madbouly on Tuesday at the Africa Climate Summit (ACS) in Kenya.


This is crucial since the expansion of clean and renewable energy generation is at the core of the new development model, Madbouly continued during a summit session.

The ACS is taking place on 5-6 September in Kenya under the title of “Driving Green Growth and Climate Finance Solutions for Africa and the World”.

The summit comes at a time when Africa and the world at large are grappling with the negative effects of climate change, noted the prime minister, emphasizing that the conference confirms the continent's commitment to a just green economic transition.

“Our conference legitimately demands financial and technical support as well as international investment flows,” Madbouly clarified, adding that Africa must benefit from its “enormous potential and distinguished resources.”

In terms of investment flows, during Copenhagen’s COP15 in 2009, advanced economies pledged $100 billion to aid developing economies to meet climate action goals, a pledge reconfirmed by the Paris Agreement in 2015. However, to date, that pledge has not been met.

Egypt's Minister of Environment addressed the issue during the UN Climate Change Conference COP27 in November, stating that developing countries will need between $140 and $300 billion in climate finance by 2030 and double that sum by 2050.  

COP27 was hosted by Egypt in the Red Sea city of Sharm El-Sheikh in November 2022. Madbouly noted that the conference was an “important station” in highlighting Africa’s needs in managing climate change.

“Egypt worked diligently to produce tangible results at the 27th UN Climate Change Conference that contribute to accelerating the implementation of projects on the ground,” he affirmed.

The prime minister further highlighted Egypt’s commitment to clean energy, noting that approximately 20 percent of the country’s energy is generated from renewable sources, to reach 42 percent by 2030.

“Egypt’s vision,” Madbouly emphasized, “revolves around shifting to concessional financing and grants to accelerate the required transformation.”

The Egyptian official stressed that climate financing must represent additional financial inflow, and not take away from development finance.

He also noted the need for a mechanism to transfer debts to climate financing.

Short link: