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Cabinet holds meeting as part of preparations to host COP 27 The meeting addressed the activities expected to be held with multilateral and bilateral development partners
Minister of Environment Yasmine Fouad held a joint meeting with Minister of Finance Mohamed Maait and Minister of International Cooperation Rania Al-Mashat as part of the ongoing preparations to host the upcoming Conference of Parties on Climate Change (COP 27) in Sharm El-Sheikh this November. The meeting addressed the activities expected to be held with multilateral and bilateral development partners and African Ministers of Finance and Environment in September in preparation for the COP 27 and 'Finance Day', which will be held on the side-lines of the summit. Furthermore, Fouad affirmed that Egypt aims to reach a consensus on the needs of African countries in the climate change file, as well as accelerate the pace of work on providing climate finance and emphasising the availability of existing funding within international organisations and innovative financing tools. Additionally, Maait stressed Egypt's keenness to formulate a unified African vision in combating climate change through meetings between African finance and environment ministers, and discussion sessions with international development partners. The ministerial meetings aim to discuss the financing needs of African countries with concessional mechanisms, help in the transition to a green economy, and lay the foundations for sustainable financing. Furthermore, Maait affirmed Egypt's keenness on the effective participation of all international partners in the discussion sessions that pave the way for Finance Day in order to crystallise a strategic vision in financing areas of climate adaptation, especially in developing countries. For her part, Al-Mashat stressed the importance of Finance Day as an opportunity to cooperate and communicate closely with international financial institutions and multilateral and bilateral development partners on mobilising financing mechanisms and enhancing blended financing to implement climate action plans at the local, regional, and international levels.
