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Ministry of International Cooperation announces main activities during COP27 Signing low-cost sustainable green financing deal to stimulate private sector engagement
Egypt's Ministry of International Cooperation announced three main activities in the Conference of the Parties to the UN Framework Convention on Climate Change (COP27) in Sharm El-Sheikh to promote joint action and advance comprehensive and sustainable development efforts within the country. COP27 will witness announcements on the results of ongoing discussions and partnerships with multilateral and bilateral development partners, as well as the presentation of the NWFE Program results, the nexus of water, food and energy, in line with the country's objectives and 2050 National Climate Change Strategy and commitment to go from pledges to implementation. The NWFE Program was prepared under the umbrella of the 2050 National Climate Change Strategy and the Nationally Determined Contributions (NDC) in order to enhance efforts to achieve inclusive and sustainable growth, achieving a low-carbon development and developing resilience and adaptability to climate change. This includes improving governance and accelerating progress towards climate action by enhancing infrastructure to finance climate activities, as well as promoting scientific research activities and technology transfer. The NWFE program includes 9 projects that represent a priority for the state in the intertwined water, food and energy sectors, including mitigation and adaptation, with investments worth approximately $15bn to support implementation with one main energy project, five projects in food security and agriculture and 3 projects in irrigation and water. The Minister of International Cooperation Rania Al-Mashat said that the NWFE Program is in light of the directives of Prime Minister Mostafa Madbouly to prepare a list of green projects in cooperation with national entities to be promoted for development financing and technical support in a way that stimulates private sector engagement and the expansion of innovative financing tools. Al-Mashat noted that in order to move forward in a clear course of action characterized by governance and coordination with development partners, for each of the NWFE Program's access (Water, Food and Energy), a development partner was selected as a coordinator. For the energy sector, the European Bank for Reconstruction and Development (EBRD) was selected, for the food sector, the International Fund for Agricultural Development (IFAD) was selected, and for water, the African Development Bank (AfDB) was selected.
The Minister stated that over the course of more than 6 Multi-Stakeholder Platforms held on the NWFE Program, more than 30 coordination meetings, and over 20 technical meetings at the level of working groups locally and globally, we have seen support, and clear international commitment by international financial institutions and multilateral and bilateral development partners to support the national platform for green projects. The NWFE Program was applauded for its transparent and replicable model, aimed at mobilizing climate investments and stimulating private sector engagement. Al-Mashat noted that the results of these discussions will be announced during COP27.
During the second edition of the Egypt – International Cooperation Forum (Egypt – ICF), 17 international institutions and development partners issued a joint statement for the NWFE Program and its importance in stimulating the green transformation, emphasizing its dynamic and participatory nature.
The institutions that signed the joint statement are Abu Dhabi Fund for Development, Africa 50, African Development Bank, Asian Infrastructure Investment Bank, the Arab Fund for Economic and Social Development, Citi Bank, European Bank for Reconstruction and Development, European Investment Bank, Glasgow Financial Alliance for Net Zero (GFANZ), HSBC – Egypt, Industrial Renewable Energy Agency, International Fund for Agricultural Development, Islamic Development Bank, Japan International Cooperation Agency, Kuwait Fund for Arab Economic Development, OPEC Fund, United Nations, and the USA.
The Minister added that numerous multilateral and bilateral development partners, international financial institutions, international climate finance organisations, philanthropic organisations, and the private sector will participate in the Sharm El-Sheikh Guidebook for Just Financing launch.
With the assistance of more than 100 international, regional, and development partners, extensive consultations have been held in preparation for the Sharm El-Sheikh Guidebook for Just Financing in order to create a workable framework that can achieve integration between pertinent parties and improve access to climate finance for developing and emerging economies.
The companies and digital artists who won the ClimaTech Run competition that was launched in August will be announced by the Ministries of International Cooperation, Communications and Information Technology, and Environment on Youth Day. The competition aims to inspire digital artists from around the world, particularly in Africa, and entrepreneurs that specialise in climate action technology to contribute to ground-breaking climate change solutions.
According to the Ministry of International Cooperation, the competition attracted 422 startups from 77 countries in Asia, Africa, Europe, the Americas, and Australia, demonstrating the competition's international scope and dedication to bringing forward cutting-edge suggestions from young people all over the world for combating climate change. The participating entrepreneurs offered solutions in a variety of high-priority fields, including mitigation and adaptation, renewable energy, food security, sustainable agriculture, water management, business, urban planning, and transportation. A shortlist of 15 companies will be selected by the high-level judges and given the chance to exhibit their innovations during COP27. More than 166 artists from 55 different countries, including 16 from Africa, applied to the DigitalArt4Climate Track. 33 designs that will be present at COP27 will be filtered by this.
The Ministry of International Cooperation is planning to host a number of events with development partners, including a high-level round table on innovative and blended finance, a joint event with the World Economic Forum (WEF) on encouraging partnership between the government, private sectors, and philanthropic organisations to unify efforts in achieving development, and the launch of an initiative on measuring resilience and adaptation.
Cooperation between the Ministry and the Climate Investment Funds (CIF) to encourage investment in sustainable agriculture and rural communities will be announced during COP27 as well. To encourage collaboration on green hydrogen, the Ministry will also host an event in conjunction with the EBRD and the CIF.
The Ministry is also scheduled to sign a number of development agreements, whether at the level of granting technical support, development financing, or blended finance, to support Egypt's efforts in adaptation and mitigation, including sustainable transportation, water, sanitation, and energy. This is in light of the efforts made to mobilise development finance in cooperation with multilateral and bilateral development partners, and in coordination with relevant national authorities.
Notable projects include the Bahr El Baqar Water Treatment Plant, Al Mahsama Water Reclamation Plant, and wind energy projects in the Gulf of Suez, among others. The ongoing portfolio of development cooperation in climate finance for the implementation of adaptation and mitigation projects totals $11bn.
