Egypt launched the "Africa Grows Green for Climate Finance" forum on Tuesday in the New Administrative Capital, bringing together senior government officials, financial institutions, and international organizations to advance climate finance across Africa amid growing calls for more equitable funding mechanisms. Held under the auspices of the Ministry of Environment and organized by the Sustainability Foundation for Quality of Life, the high-level event convened ministers of industry, finance, environment, and transport, alongside representatives from the World Bank, Central Bank of Egypt, Financial Regulatory Authority, and the private sector. Kamel Al-Wazir, Minister of Industry and Transport, underscored the need to rethink development models in the face of climate change. He highlighted Egypt's green growth strategy—focused on low-emission transport and sustainable industry—pointing to public transport projects like electric trains and monorails, expected to cut CO2 emissions by 9 million tonnes annually by 2030. He also emphasized finance as a key enabler of green industrial transformation, citing initiatives such as the voluntary carbon market and circular economy projects in Upper Egypt. Environment Minister Yasmine Fouad praised the forum for fostering collaboration among public and private stakeholders. She noted Egypt's transport sector had surpassed its 2022 emissions targets, as outlined in its Biennial Transparency Report. Fouad stressed the need for regulatory reforms and incentives to attract private capital into climate adaptation sectors like agriculture and waste management. Finance Minister Ahmed Kouchouk reaffirmed the private sector's central role in closing Egypt's climate finance gap. He announced plans for new fiscal incentives to support green investment and reiterated Egypt's ambition to become a regional clean energy hub. Representing Planning Minister Rania Al-Mashat, Mona Essam noted that while Africa holds $3 trillion in green investment opportunities by 2030, it receives just 3% of global climate finance—despite climate impacts costing the continent around 5% of GDP annually. Financial Regulatory Authority Chairman Mohamed Farid highlighted recent updates to capital market rules supporting green bonds and carbon credit trading. He said Egypt's regulated voluntary carbon market allows companies to monetize emissions reductions and finance adaptation projects previously deemed unbankable. Tarek El-Khouly, Deputy Governor of the Central Bank of Egypt, said the banking sector is undergoing a green shift, with institutions adopting climate risk assessments and issuing sustainability-linked bonds. The central bank has mandated that banks measure the carbon footprint of their portfolios and integrate sustainability governance practices. Ambassador Wael Aboulmagd, Assistant Foreign Minister for Climate and Sustainable Development, emphasized Egypt's leadership in African climate diplomacy, referencing its role in key initiatives under the Paris Agreement and its chairmanship of the African Group of Negotiators. Reem Abdel Meguid, Head of the Sustainability Foundation, said the forum aims to close the knowledge and access gap between project developers and financing institutions. It builds on Egypt's COP27 legacy and supports regional collaboration to scale green finance. The forum features three core sessions: developing policy frameworks for climate investment, mobilizing international funding for adaptation and mitigation, and enabling SMEs to access green finance. The final session, titled "A Call to Action," will push for deeper regional cooperation and co-investment in Africa's sustainable future.
