As Co-Chair, Al-Mashat Participates in the World Economic Forum’s Meeting of the “Network to Mobilize Investment for Clean Energy in the Global South”
10 August 2024
As
Co-Chair, Al-Mashat Participates in the World Economic Forum’s Meeting of the
“Network to Mobilize Investment for Clean Energy in the Global South”
The network comprises 49 members from governments, the private sector, and international institutions, aiming to enhance knowledge exchange and encourage investment in clean energy.
The network builds on the “Sharm El-Sheikh Guidebook for Just Financing” and key recommendations to establish a guide for innovative climate solutions and policies.
“Al-Mashat”: The “NWFE” program to stimulate private investment in renewable energy projects is a practical application of the principles of just financing and a cornerstone for South-South cooperation.
As
co-chair of the World Economic Forum’s (WEF) Network to Mobilize Investment for
Clean Energy in the Global South, H.E. Dr. Rania A. Al-Mashat, Minister of
Planning, Economic Development, and International Cooperation, participated in
a meeting on the network with Mr. Samaila Zubairu, CEO of the African Finance
Corporation. The meeting, which included several WEF officials, discussed the
developments since the network’s launch in January at the Davos Forum. The
discussion also focused on strategies to encourage clean energy investments and
the preparation of a comprehensive guide for successful renewable energy
solutions and practices, which will be reviewed at the Energy Ministers’
meeting in Brazil this October.
The
network, which includes representatives from various governments, international
institutions, and development partners, aims to increase clean energy
investments by more than sevenfold over the next decade to align global efforts
against climate change. It seeks to gather relevant stakeholders and focus on
three main areas: Quantify and raise awareness about the amount of financing
needed to accelerate their energy transition; Exchange best practices and
lessons learned to increase clean energy finance and create conducive
conditions for investment; and Develop practical policy and non-policy
solutions to accelerate the financing of countries' energy transition.
The
meeting addressed the growing pressures on global clean energy investments amid
reduced availability of concessional financing for developing and emerging
countries. It also discussed the network’s efforts to enhance these
investments, including building on the “Sharm El-Sheikh Guidebook for Just
Financing” to produce a guide for innovative solutions in clean energy
investments, featuring 100 case studies from emerging economies. This guidebook
aims to foster knowledge exchange among countries and support private sector
and international institution investors in decision-making, along with other
measures to promote policy-making that stimulates investment.
H.E.
Minister Al-Mashat emphasized the importance of the “Network to Mobilize
Investment for Clean Energy in the Global South” in enhancing efforts to
increase investments in renewable energy. H.E. Dr. Al-Mashat highlighted that
the digital guide, which will include 100 successful clean energy investment
models from various emerging and developing economies, will boost knowledge
exchange and replication of successful practices.
Al-Mashat
also noted the exploration of synergies between the upcoming guide and the
“Sharm El-Sheikh Guidebook for Just Financing,” launched as a presidential
initiative in Egypt’s Sharm El-Sheikh at COP27, aimed at promoting just climate
financing through 12 key principles. These principles serve as a framework for
stimulating partnerships between all relevant parties, particularly the public
and private sectors, to drive the transition to a sustainable green economy.
H.E.
Minister Al-Mashat pointed out Egypt’s innovative experience with the launch of
the country platform for the “NWFE” program, which serves as a model for
climate investment mobilization efforts. The Ministry successfully applied just
financing principles and innovative mechanisms in the “energy” sector of the
program to stimulate investment and attract private sector funding.
Additionally, a recent workshop was held with the Tanzanian government to
exchange experiences and knowledge on platform establishment and project
formulation within South-South cooperation efforts. Egypt’s leadership of the
New Partnership for Africa's Development (NEPAD) also offers opportunities to
enhance cooperation with African countries, stimulating clean energy investment
and knowledge exchange.
During
the meeting, Ms. Justine Roche, Lead of the WEF’s Energy Initiatives, presented
developments in the network which now includes 49 members: 14 countries and 35
civil society organizations and major private sector institutions such as
JPMorgan, the International Renewable Energy Agency, and Standard Chartered.
Al-Mashat
also outlined efforts to prepare a comprehensive guide of solutions, successful
policy models, risk reduction tools, and investment mobilization mechanisms for
expanding clean and renewable energy.