Egypt's Minister of Planning, Economic Development, and International Cooperation, Rania Al-Mashat, has called for increased climate finance and investment in green jobs during the COP29 climate summit in Azerbaijan. Al-Mashat participated in several high-level events, including the launch of the "Baku Initiative for Climate Finance, Investment and Trade," a COP29 Presidency initiative aimed at accelerating the just energy transition. She emphasised the need for greater financial support for developing countries, particularly those in the Global South, to facilitate their transition to clean energy.
She witnessed the launch of two international initiatives focused on sustainable energy and the green transition. The initiatives come amidst concerns about inadequate funding for clean energy expansion in Global South countries.
Al-Mashat stressed the need for collaborative efforts to promote sustainable energy solutions and improve climate adaptation. She highlighted the critical need for innovation, inclusivity, and urgent action to meet the Paris Agreement goals and COP28's energy commitments. She noted that while global energy investment is increasing, significant disparities exist, with the Global South, comprising 65% of the world's population, receiving less than 15% of global clean energy investment.
She pointed to particularly pressing challenges in Sub-Saharan Africa, where annual renewable energy investment totalled approximately $20bn in 2023 – a mere fifth of the estimated $100bn annual requirement between 2024 and 2030.
Al-Mashat called for a dramatic increase in annual clean energy investment in developing countries and emerging markets to $1trn – a sevenfold increase – by 2050 to achieve low-emission and climate-resilient development.
Al-Mashat also highlighted Egypt's own ambitious renewable energy targets, aiming to generate 42% of its electricity from renewable sources by 2030.
In a separate session organised by the German Agency for International Cooperation (GIZ), in collaboration with the NDC Partnership and the World Resources Institute (WRI), Al-Mashat participated in the launch of a global initiative focused on green skills development.
This initiative aims to prepare the workforce for the green transition through public-private partnerships. She noted that the green transition is expected to create millions of new jobs and that a zero-emission economy could be worth $10.3trn globally by 2050, according to international reports, with 18 million jobs projected to be created by 2030 (International Labour Organization).
Moreover, Al-Mashat participated in a session organised by the International Monetary Fund (IMF) on bridging the adaptation financing gap. She underscored the critical need for increased climate adaptation funding, noting that current funding only covers 20-30% of annual needs, projected to reach $215–387bn annually in developing countries by 2030.
Finally, in a panel discussion organised by the European Bank for Reconstruction and Development (EBRD), the Organisation for Economic Co-operation and Development (OECD), and Azerbaijan's Ministry of Ecology and Natural Resources, Al-Mashat highlighted Egypt's efforts to enhance climate action and build partnerships since hosting COP27.
She mentioned Egypt's national platforms for attracting private climate investments and the Sharm El-Sheikh Guidebook for Just Financing. She also highlighted Egypt's low-carbon hydrogen strategy, supported by the EBRD, which aims to contribute significantly to global clean energy transition by 2050, creating over 100,000 jobs and reducing global carbon emissions by 46 million tons annually by 2040.
