By Nneka Nwogwugwu
Egypt’s Minister of International Cooperation, Rania Al-Mashat, has said that given the strong global interest in climate action, access to financing is one of the main obstacles to fulfilling climate action plans.
Al-Mashat’s remarks came during her keynote speech at the launch of a new series of seminars by HSBC Egypt, focused on the transition to net-zero.
She stressed the urgent need for innovative financing tools to achieve sustainable development goals, expand adaptation projects, and mitigate the repercussions of climate change.
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The minister also spoke about Egypt’s commitment to transit to a green economy and the successive steps being taken in this regard.
She said the most notable among the steps taken is the launch of the 2050 National Climate Change Strategy and the compilation of a list of projects in the areas of adaptation and mitigation of the repercussions of climate change to promote it among development partners and investors at the global level.
This is being done in a manner that enhances the resilience of the Egyptian economy and supports its orientation towards reducing emissions and green transformation in parallel with preparations to host the UN Conference of Parties on Climate Change (COP 27) that will be held in Sharm El-Sheikh this November, she said.
She also added that the COP27, represents a strong opportunity to showcase the ambitions of Egypt and Africa and mobilise international support for the implementation of these plans.
