Egypt's planning minister attends climate finance session at 2023 SGD Summit in New York

 H.E. Dr. Hala El-Said, Minister of Planning and Economic Development, participated in the session "Regional Platforms for Climate Projects: Creating Effective Markets for Climate Finance." 

 The session took place as part of the Sustainable Development Weekend, which took place together on 18-19. with the United Nations Sustainable Development Summit held in New York in September. 

 In her speech, Dr. Hala El-Said emphasized the importance of climate finance and the need to emphasize a clear link between climate finance and climate action in developing countries. She explained that climate finance is part of the trust climate system between developed countries and developing countries. 

  El-Said added that funding channels include bilateral cooperation, multilateral development banks, international financial institutions, and investments, and explained that public funding cannot be the only financier for climate issues. 

 Also, private investments cannot be considered as a solution to the problem of climate finance, because in many developing countries there are factors related to the attractiveness of investments that do not belong to the investment classification.  

El-Said added that Cop27 in Sharm El-Sheikh urged reform of multilateral development banks and international financial institutions in three specific areas of work: increasing the volume of financial resources, facilitating access, and focusing on soft instruments tools. 

 El-Said also spoke about the National Initiative on Smart Green Projects and explained that this initiative was implemented in the governorates of the Arab Republic of Egypt as a pioneering initiative in the field of sustainable development.