Minister of Planning, Economic Development, and International Cooperation Discusses Ways to Enhance Joint Cooperation with the CEO of the Global Climate Finance Center

Launched as one of the outcomes of the COP28 climate conference
 
Minister of Planning, Economic Development, and International Cooperation Discusses Ways to Enhance Joint Cooperation with the CEO of the Global Climate Finance Center

 

H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, held a virtual meeting with Mercedes Vela Monserrat, CEO of the Global Climate Finance Center (GCFC), to discuss avenues for joint cooperation.

 

During the meeting, they discussed the progress of the Global Climate Finance Center (GCFC), which was launched during the COP28 Climate Conference in the United Arab Emirates and is headquartered in Abu Dhabi, and aims to accelerate global climate finance and foster innovation through collaborative efforts among various stakeholders, with a focus on the private sector and capacity building.

 

Al-Mashat emphasized the necessity for the Climate Finance Center to support national platforms as a key pillars of revitalizing climate action in emerging countries, especially as it was one of the recommendations emphasized by the reports issued during the COP28 climate conference, as well as the G20. H.E. noted that Egypt launched the country platform for the  "NWFE" program, as a practical application of national platforms aimed at stimulating climate investments and enhancing the commitment of countries to implement their nationally determined contributions (NDCs).

 

They also discussed the possibility of Egypt contributing and benefiting from the services provided by the center, where H.E. Dr. Rania Al Mashat explained the latest developments of the NWFE program, noting that private sector investments have been stimulated to nearly $4 billion. She highlighted Egypt is intensifying cooperation in this field with African countries, such as Tanzania, which is provided with technical assistance in developing its national platform.

 

Al-Mashat also pointed out that Egypt now has voluntary carbon markets, and through the Financial Regulatory Authority, we have been able to provide a model for Africa

 

For her part, the CEO of the Global Climate Finance Center reviewed the latest developments in the center's operations, noting that it aims to activate climate financing in African countries, enhance efforts to spread risk reduction tools, and activate carbon markets, explaining that funding for the first year was provided by the Abu Dhabi Global Market, and funding has been obtained for the next three years.

 

The board of directors includes Her Highness Sheikha Shamma bint Sultan bin Khalifa, the Abu Dhabi Global Market (ADGM), First Abu Dhabi Bank, Abu Dhabi Islamic Bank, HSBC, and the SIF Fund. Additionally, we have 15 knowledge partners, including Morgan Stanley, the World Bank, and G Funds, who will provide in-kind support through research, data, and advisory expertise.

 

Monserrat also noted that coordination is currently being carried out with the UAE Ministry of Foreign Affairs on two main initiatives, the first is the Green Investment Initiative in Africa, which has allocated $4.5 billion to be invested by 2030, and the second initiative is the Global Framework for Climate Finance, which was signed by 15 countries. She added that they are now working with Brazil on its implementation, in addition to the "Innovation in Climate Technology" initiative, which focuses on emerging technologies, especially artificial intelligence, and how to integrate them into climate solutions.

 

She also explained that there is currently a focus on engaging the private sector in working with the center, studying the agreements concluded by countries and identifying private sector actors to see how to cooperate with them to implement the commitments.