Statement by the Minister of Planning, Economic Development, and International Cooperation during the Annual Conference "The Path to Net Zero," organized by Chapter Zero Egypt

 

Hosting the COP27 climate conference enhanced Egypt’s international presence in efforts to combat climate change.

The new planning law integrates climate considerations into the selection and implementation of investment projects.

A constructive partnership between the public and private sectors is essential to address climate change.

The "NWFE" program serves as a platform to attract private sector investments in mitigation and adaptation projects and to enhance climate resilience in Egypt.

There is a need to expand financing for development and climate action to support emerging countries.

 

H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, participated in a discussion session on "Climate Risks" during the annual conference "The Path to Net Zero," organized by Chapter Zero Egypt. The conference addressed the journey toward sustainability and how companies can manage the opportunities and challenges posed by climate risks, as well as adopt climate governance principles in their strategies and identify available financing opportunities for board members and CEOs.

 

H.E. Dr. Mahmoud Mohieldin, UN Special Envoy for Financing the 2030 Agenda of Sustainable Development, UN Climate Change Champion, delivered the opening remarks. The discussion session included Dr. Mohamed Farid Saleh, Chairman of the Egyptian Financial Regulatory Authority, Mr. Helmy Ghazi, Deputy CEO and Head of Global Banking Services at HSBC Egypt, Mr. Sebastian Riez, President and CEO of Schneider Electric for North-east Africa and Levant Cluster, Mr. Hossam Seifeldin, Executive Vice President and CEO of Capgemini. The session was moderated by Prof. Sabrina Bruno, Co-Founder and Governing Board Member of the Climate Governance Initiative and Founder of Chapter Zero Italy.

 

At the outset of H.E.’s remarks, Dr. Rania Al-Mashat expressed gratitude to Engineer Ahmed El-Sewedy, Chairman of Chapter Zero Egypt, noting that this initiative reflects a commitment to enhancing climate action and supports the private sector’s journey in Egypt toward sustainable development. She emphasized that Egypt’s hosting of COP27 was not merely a significant event, but the beginning of a new phase that positioned Egypt among the influential countries in climate dialogue and action to address climate challenges, in partnership with various stakeholders, including government entities, the private sector, civil society organizations, and non-profit organizations.

 

H.E. Dr. Al-Mashat added that successive climate conferences have underscored the importance of partnerships among relevant stakeholders to tackle climate change. She highlighted that Egypt, during its hosting of COP27, demonstrated the significance of working with a wide range of stakeholders to address the three fundamental pillars: adaptation, mitigation, and equitable financing. These principles are central to Egypt’s climate strategies, making it vital to integrate these priorities not only into government policies but also into private sector strategies. By aligning the efforts of both the public and private sectors, constructive partnerships can be formed to achieve our goals in the fields of climate and sustainability.

 

The Minister of Planning, Economic Development, and International Cooperation explained that, in line with these efforts, Egypt launched its National Climate Change Strategy 2050 prior to COP27, which serves as a national roadmap guiding the country toward fulfilling its nationally determined contributions (NDCs) in accordance with the Paris Agreement.

 

H.E. Dr. Rania Al-Mashat emphasized the ministry's pivotal role in promoting collaboration among ministries and relevant authorities to integrate climate considerations into national planning frameworks. H.E. noted that this role aligns with the ministry's strategic direction following the merger of the ministries of Planning, Economic Development, and International Cooperation, thereby expanding its responsibilities in developing and monitoring economic and social development plans and programs across various timeframes, as well as working toward achieving the Sustainable Development Goals.

 

H.E. Dr. Al-Mashat referred to the sustainability and financing framework for economic development launched by the ministry, which aims to achieve qualitative, sustainable, and inclusive economic growth through evidence-based economic policy formulation. This framework seeks to provide information that enhances discussions on needs and opportunities, bridging gaps in various development fields, building a resilient economy, and enhancing macroeconomic stability by implementing structural reforms to increase competitiveness, improve the business environment, support the resilience of macroeconomic policies, transition toward a green economy, and mobilize domestic and external financing to achieve sustainable development through an integrated national financing framework that promotes resource allocation to priority sectors and stimulates private sector investments.

 

H.E. Minister Al-Mashat asserted that adapting to climate change is a core element in achieving “high-quality economic growth” and ensuring resilience.

 

H.E. Dr. Al-Mashat emphasized the necessity of incorporating climate and nature-related risks into national investment plans to guarantee the sustainability of projects and minimize adverse environmental impacts on future generations.

 

The Minister of Planning, Economic Development and International Cooperation added that the new Planning Law No. 18 of 2022 reflects this direction by integrating climate considerations into its executive regulations, including environmental impact as part of project selection criteria, in addition to providing comprehensive feasibility studies that encompass economic, social, and environmental aspects to ensure all proposed projects align with sustainable development goals and add value to the national economy while preserving the environment.

 

H.E. Dr. Al-Mashat explained that the national investment plan aims to support the implementation of the National Climate Change Strategy 2050 by directing public investments toward projects that aim to mitigate and adapt to the effects of climate change. These projects span multiple sectors, including infrastructure, renewable energy, sustainable agriculture, and water resource management.

 

H.E. Dr. Al-Mashat also mentioned the role of the country platform for the “NWFE” program, launched by Egypt during the climate conference, which represents a constructive model for encouraging private sector investments in mitigation and adaptation projects.

 

H.E. Minister Al-Mashat clarified that, in the context of efforts to enhance environmental sustainability, the green component is being integrated into major national projects, foremost among them the "Hayah Karima" initiative, aimed at achieving balanced and inclusive development that contributes to improving citizens’ quality of life while preserving the environment.

 

H.E. Dr. Al-Mashat emphasized the importance of the principle of “Just Financing,” highlighted during COP27 through the launch of the Sharm El-Sheikh Guidebook for Just Financing, which serves as a tool aimed at mobilizing available financing from international financial institutions, with a focus on achieving equity and providing opportunities for all. H.E. Dr. Al-Mashat pointed out that many developing countries, including Egypt, face unique challenges in accessing climate financing.

 

H.E. Dr. Al-Mashat noted Egypt’s participation in the upcoming Global Financing for Development Conference scheduled to be held in Seville in June, emphasizing its importance in discussing pressing issues at various levels of development. She reiterated the need to expand financing for development and climate action to support emerging countries.