Egypt's Minister of Planning and Economic Development participates in the forum “The Road to COP 27: The African Regional Forum on Climate Initiatives, Climate Action Financing, and Sustainable Development Goals”
05 August 2022
H.E Dr. Hala El-Said , Egypt's Minister of Planning and Economic Development participated recently at the discussion session on "Financial means to finance just transitions", via video conference.
The discussion session was held within the activities of the "Road to COP 27: African Regional Forum on Climate Initiatives, Climate Action Financing, and Sustainable Development Goals".The forum hosted the Ethiopian capital, Addis Ababa, from 2-4 August, with high-level Egyptian participation.
The forum is among five regional forums to be held in cooperation between the Egyptian Presidency of the United Nations Climate Conference COP27, the United Nations Economic Commission for Africa, and the high-level climate action pioneers of the COP27 Climate Conference and the previous climate conference in Glasgow COP26 under the title “Towards the COP27 Climate Summit: Regional Forums on Financing Initiatives” Climate action and the sustainable development goals.
During her participation, El-Said said that the discussion on Africa has begun to shift from a dialogue about risks and challenges to huge opportunities and possibilities, noting that the motivation behind this change in outlook is the remarkable progress that the continent has witnessed in various fields.
El-Said added that despite these bright prospects, Africa has recently faced multiple global challenges, from a widespread pandemic to mounting geopolitical challenges; This undermines efforts towards achieving Agenda 2063 and the 2030 Agenda for Sustainable Development.
El-Said noted that the challenges facing the continent are only expected to worsen with climate change entering the equation.
El-Said explained that although Africa's contribution to climate change is negligible, it stands out as the region most vulnerable to its impacts, adding that failure to take immediate action not only leads to setbacks to development efforts but also threatens to reverse the gains made by African countries in recent years.
El-Said emphasized that any bold climate action would not be achieved without the adequate funding needed to support efforts directed towards adaptation, adding that according to recent projections, Africa needs $250 billion annually, between 2020 and 2030, to implement its nationally determined contributions.
El-Said pointed to the role of the private sector in mobilizing financing tools, pointing to the evolution of the role of companies in combating climate change over time, as well as gaining great importance recently with the increasing pressure on government resources and technical capabilities.
El-Said stressed the importance of encouraging private investment not only in addressing the funding shortfalls mentioned above, but also to build innovative capabilities and promote advanced technological solutions needed to confront the critical crisis of the current era.
El-Said also touched on the important role that companies play as providers of high levels of employment and the creation of new markets, which contributes to compensating for the disappearance of jobs and markets, ensuring a fair transition for all.
El-Said affirmed the Egyptian government's commitment to building an attractive investment climate to encourage more private investments, especially in green sectors and activities.
El-Said pointed out that the government has put in place a wide range of legislative and institutional reforms such as investment and bankruptcy laws, as well as amending the Public-Private Partnership Law to expand the scope of projects in which the private sector can participate.
El-Said also indicated that the government launched a package of financial and non-financial incentives to stimulate private investment in green sectors such as renewable energy, waste management, and clean transportation.
El-Said confirmed the government's priority to advance public-private partnerships mainly through the Sovereign Fund for Egypt, which was established as a reliable mechanism for the government to participate in the investment with local and foreign partners.El-Said pointed to the need to take serious and ambitious steps to address the prevailing financing challenges, which impede investment in recovery, climate action, and achieving sustainable development goals in Africa, as well as the importance of increasing financial flows to Africa through collective action by all parties, with the participation of the private sector.
El-Said concluded by referring to the vision of Egypt's presidency of COP 27, which aims to ensure the effective implementation of the green transition in the world quickly, taking into account the special needs and conditions of the African continent.