Egypt’s Minister of International Cooperation Rania Al-Mashat and Executive Director and Head of Sustainable Finance at the IIF (Institute of International Finance) Sonja Gibbs reportedly held talks for bilateral cooperation on COP 27.
During the discussion, Al-Mashat outlooked the country’s preparation for the conference which is likely to be held in November in Sharm El-Sheikh.
The Minister confirmed the government’s interest to improve ways of cooperation with multilateral development banks and global financial institutions to improve climate action efforts within COP27’s framework.
Al-Mashat focused on the necessity to transition from climate promises to execution. It was explained that the country has unveiled the national climate change strategy and is seeking to update its national-level contribution to climate action.
In addition, a green project list to be financed over the coming period is being outlined as part of efforts to shift to a green economy.
The Minister pointed out the relevance of the forthcoming climate conference to improve global efforts in the field of climate action and counter the negative consequences of climate change, particularly for Africa and the emerging and developing economies.
Therefore, the Egyptian administration is collaborating to reinforce the integration and cooperation with Africa to mobilize global efforts to back the climate ambition of the continent and the financial provision for green transformation initiatives.
Meanwhile, Gibbs stated that the IIF backs the efforts of Egypt to host COP27 in the wake of the greater relevance represented by this conference at the global level.
To attain the global financial pledges, inventive blended financing tools must be invigorated to empower the private sector to take part in funding adaptation projects and offer the required investments.
The Ministry of International Cooperation continues its efforts with bilateral and multilateral development collaborators to foster innovative financing that improves climate action. In this regard, the Ministry called on the IIF for further cooperation.