the Ministry of Planning, Economic Development, and International Cooperation, in collaboration with the United Nations Department of Economic and Social Affairs (UNDESA), organized a joint event on "Advancing Climate Resilient Development Cooperation through Just Financing."

 

As part of the preparatory meetings for the Fourth International Conference on Financing for Development to be held in Spain,
 
the Ministry of Planning, Economic Development, and International Cooperation, in collaboration with the United Nations Department of Economic and Social Affairs (UNDESA), organized a joint event on "Advancing Climate Resilient Development Cooperation through Just Financing."

 

H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, delivered a keynote address during this event, H.E. Minister Al-Mashat reviewed the ministry's strategy to strengthen South-South Cooperation and Triangular Cooperation (SSTC), launched in May 2023. H.E. Dr. Rania A. Al-Mashat emphasized that the strategy aims to enhance collaboration to promote sustainable development and climate action through knowledge exchange and leveraging successful sustainable development practices for wider adoption in other countries.

 

 Al-Mashat highlighted that despite significant commitments, climate financing remains insufficient, especially given the realities imposed by climate crises, which have exposed global disparities. H.E. Minister Al-Mashat pointed out that 11 out of 17 countries with the highest greenhouse gas emissions are most vulnerable to climate risks and have the lowest levels of readiness to confront climate change impacts.

 

H.E. Minister Al-Mashat stressed the urgent need to achieve climate justice and develop innovative and effective financing solutions such as blended finance and debt swaps for climate action. The Minister underscored that these efforts are crucial to attract and sustain investments in projects capable of addressing climate change, requiring coordinated efforts from all stakeholders including governments, multilateral development banks, the private sector, and philanthropic organizations.

 

In alignment with advancing climate financing, Egypt launched the "Sharm El-Sheikh Guidebook for Just Financing" during COP27, integrating the concept of justice into climate finance through 12 guiding principles. These principles support the rights of developing countries to development through equitable pathways, the creation of enabling environments, and the integration of just financing across all financial entities. They ensure the right of developing countries to access appropriate climate finance in terms of quantity and type, alongside the ability to bear costs, and emphasize the additionality of climate finance to current and committed development financial flows.

 

H.E. Minister Al-Mashat also highlighted Egypt's launch of the “NWFE” Program linking water, food, and energy projects, as a presidential initiative under the National 2050 Climate Change Strategy. This program consists of 9 high-priority projects aligned with nationally determined contributions, aiming to achieve 42% of electricity from renewable energy sources by 2035.

 

Al-Mashat emphasized the importance of innovative mechanisms to address climate change, including debt-for-climate swaps, which alleviate debt pressures on developing countries and direct those funds towards developmental projects. H.E. Minister Al-Mashat presented Egypt's experience in debt swaps with Germany and Italy, as well as a memorandum of understanding signed with China.

 

H.E. Minister Al-Mashat concluded by noting that COP29, the Development Cooperation Forum (DCF) in 2025, and the Fourth International Conference on Financing for Development (FfD4) scheduled for June 2025, present critical opportunities to advocate for increased financial commitments, explore innovative financing mechanisms, and enhance the involvement of relevant parties in addressing developmental challenges.