04:24 PM
Saturday, January 21, 2023
Books – Mustafa Eid:
Rania Al-Mashat, Minister of International Cooperation, said that Egypt has already started development and climate action measures since 2014 and is currently working in light of the National Climate Change Strategy 2050 and Nationally Determined Contributions (NDCs), to achieve green transformation through specific projects in all priority sectors.
This came during her participation in a discussion session on how to stimulate development financing, and explore a new framework for multilateral cooperation in order to bridge the financing gap for development and stimulate private investment, on the sidelines of the “Davos 2023” forum that was recently held in Switzerland, according to a statement from the Ministry of International Cooperation today, Saturday.
Al-Mashat pointed out the importance of expanding adaptation efforts and mitigating the repercussions of climate change, promoting investments in flexible infrastructure, and making joint efforts to reduce losses and damages that could result from climate changes and their repercussions on different countries.
Al-Mashat added that Egypt launched the national platform for green projects, the “Novi” program, the axis of linkage between water, food and energy projects, which includes 9 priority projects in these sectors, and aims to attract climate investments, mixed financing and debt swaps worth $14.7 billion, to become a regional and international model. .
She explained that this model is based on the common approach and national priorities for mobilizing climate finance and stimulating the participation of the private sector in climate investment, pointing out that the program enhances the national development vision and is consistent with climate goals.
Nicholas Stern, President of the Grantham Institute for Climate Change and the Environment, agreed with what the Minister of International Cooperation said about the importance of integrating the concepts of development and climate action, and joint action to provide climate financing for developing countries and emerging economies, referring to the joint efforts with the Ministry of International Cooperation in this regard.
Stern pointed out the need for governments to realize that investing in education and health does not contradict climate action at all, but rather is part of sustainable development, so we must see climate financing as part of the overall picture of the sustainable development story.
Masoud Ahmed, President of the Center for International Development, emphasized the importance of international financing institutions supporting the economic transition and developing countries in light of the economic conditions the world is going through.
The “Davos 2023” activities, organized by the World Economic Forum in Switzerland, were held from January 16 to 20 under the title “Cooperation in a Divided World”, with the participation of many leaders of countries, heads of government, ministers, and major private sector companies.
Over the course of the forum, the Minister of International Cooperation held a number of bilateral meetings with representatives of multilateral and bilateral development partners, private sector companies, and non-profit organizations. She also participated in many events and discussion sessions in light of the consolidation of economic relations between Egypt and regional and international institutions, according to the statement. .
