H.E. Dr. Rania A. Al-Mashat Meets with CEO of New York Climate Exchange to Discuss Partnerships in Climate Solutions & Policies

H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, & International Cooperation, held a meeting with Mr. Stephan Hammer, CEO of the New York Climate Exchange, to explore cooperation opportunities in the field of climate solutions and policies. This meeting comes within the framework of Egypt’s broader national efforts to address climate change, mobilize financial resources from international partners, and promote innovative solutions for transitioning towards a green economy, as part of the National Climate Change Strategy 2050.

 

The New York Climate Exchange collaborates closely with key stakeholders from both the public and private sectors in the realm of climate action. Its efforts are focused on raising awareness about climate challenges, fostering entrepreneurship in climate-related sectors, financing climate action, and advancing solutions aimed at achieving low-carbon growth. The exchange places particular emphasis on critical sectors such as energy, food, and water, which are central to sustainable development.

 

During the meeting, H.E. Dr. Al-Mashat reviewed the Ministry’s ongoing efforts to bolster climate action across multiple dimensions. At the forefront of these efforts is the mobilization of concessional development finance and technical assistance through Egypt’s Country Platform for the “NWFE” program, an initiative designed to address the interconnected challenges of water, food, and energy. She underscored how this program plays a pivotal role in linking climate solutions with development projects, thereby promoting sustainability across key sectors.

 

H.E. Dr. Al-Mashat also discussed Egypt’s first-ever Country Climate and Development Report (CCDR), a comprehensive study developed in cooperation with the World Bank. The CCDR provides an in-depth analysis of Egypt’s development progress, climate-related challenges, and outlines actionable recommendations for advancing climate-resilient growth.

 

The Minister also pointed to Egypt’s cooperation with the Organisation for Economic Co-operation and Development (OECD) through a country program. As part of this collaboration, several key reports have been produced, including the Green Growth Policy Review, which monitors climate and environmental policies and measures for all sectors, and also sets clear recommendations on important proposed climate solutions.

 

 

In a related context, Al-Mashat discussed the significance of the Sharm El-Sheikh Guidebook for Just Financing, developed in collaboration with a wide array of development partners and the private sector. This guidebook, launched by Egypt during the 2022 United Nations Climate Change Conference (COP27) held in Sharm El-Sheikh, serves as a crucial reference point for defining “just financing.” It takes into account the historical responsibility of developed nations in contributing to climate change and emphasizes the importance of ensuring equitable access to climate finance for developing countries. The guidebook also aims to strengthen the link between climate action and development, while encouraging investments in climate projects and fostering partnerships among governments, private sector entities, civil society, and international financial institutions.

 

Furthermore, H.E. Dr. Al-Mashat spoke about Egypt’s continued efforts to support climate innovation through initiatives like Climatech Run, which was launched during COP27 and COP28. This initiative is designed to encourage startups from around the world to develop smart, tech-based climate solutions. The Minister highlighted the success of the initiative, which saw participation from over 400 startups globally.

 

In addition, the Minister shed light on the Hub for Advisory, Finance & Investment for Enterprises platform, which provides financial and technical support to private sector companies. Through the platform, more than 85 financial and non-financial services to companies from development partners and international institutions.