Egypt to Mobilize Funding ‘Green Banks’ Ahead of COP 27 Summit

Egyptian Minister for International Cooperation, Rania al-Mashat speaks during an interview with Reuters in Cairo, Egypt January 24, 2021. REUTERS/Sherif Fahmy
Egyptian Minister for International Cooperation, Rania al-Mashat speaks during an interview with Reuters in Cairo, Egypt January 24, 2021. REUTERS/Sherif Fahmy
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Egypt to Mobilize Funding ‘Green Banks’ Ahead of COP 27 Summit

Egyptian Minister for International Cooperation, Rania al-Mashat speaks during an interview with Reuters in Cairo, Egypt January 24, 2021. REUTERS/Sherif Fahmy
Egyptian Minister for International Cooperation, Rania al-Mashat speaks during an interview with Reuters in Cairo, Egypt January 24, 2021. REUTERS/Sherif Fahmy

Egypt has intensified efforts to mobilize financing for "green banks," in preparation for the COP27 Climate Summit, which it will host in Sharm el-Sheikh in late 2022.

Minister of International Cooperation Rania al-Mashat said that innovative financing tools are a catalyst to ensure that the international community’s commitments made at COP26 in Glasgow are implemented ahead of the next summit.

Mashat underscored the importance of bolstering multilateral cooperation to advance the main areas of action to achieve the green transition, namely, mitigation and adaptation projects to climate change, technology transfer, expertise and financing.

She made her remarks at the opening speech at the Green Banks Event “A Green Finance Facilities Ecosystem: A Three Trillion Dollars Opportunity for Africa,” which is organized by the African Development Bank as part of the Middle East and North Africa Climate Week 2022, held in Dubai, UAE.

The minister pointed to Egypt’s steps to advance national efforts and enhance regional and international action to consolidate the climate concepts, preserve the environment, and implement clear and ambitious plans for climate financing through an international framework for innovative financing.

She underlined the international financial institutions’ need to expand climate finance based on various pillars related to inclusion and justice, to ensure that the whole world, particularly the developing and emerging countries, can benefit from climate financing and green investments.

Mashat said all stakeholders, including women, youth and the private sector, shall participate in developing climate action plans and financing eco-friendly projects through innovative financing solutions, risk reduction tools and blended financing.

She pointed to the successive measures taken by the Egyptian government to promote green investments and push towards a green economy.

These include decisions to increase green public investments from 15% in the current fiscal year to 30% in the next fiscal year, followed by a 50% increase in 2024/2025.

In 2021, Egypt secured the first green financing from international and regional banks worth $1.5 billion, directed to finance eco-friendly projects such as water treatment and desalination plants, solid waste management, canal lining, and seawater desalination.



Lancet Study Estimates Gaza Death Toll 40% Higher Than Recorded

Palestinians walk through the destruction in the wake of an Israeli air and ground offensive in Khan Younis, southern Gaza Strip, Tuesday, Jan. 7, 2025. (AP Photo/Abdel Kareem Hana)
Palestinians walk through the destruction in the wake of an Israeli air and ground offensive in Khan Younis, southern Gaza Strip, Tuesday, Jan. 7, 2025. (AP Photo/Abdel Kareem Hana)
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Lancet Study Estimates Gaza Death Toll 40% Higher Than Recorded

Palestinians walk through the destruction in the wake of an Israeli air and ground offensive in Khan Younis, southern Gaza Strip, Tuesday, Jan. 7, 2025. (AP Photo/Abdel Kareem Hana)
Palestinians walk through the destruction in the wake of an Israeli air and ground offensive in Khan Younis, southern Gaza Strip, Tuesday, Jan. 7, 2025. (AP Photo/Abdel Kareem Hana)

Research published in The Lancet medical journal on Friday estimates that the death toll in Gaza during the first nine months of the Israel-Hamas war was around 40 percent higher than recorded by the Palestinian territory's health ministry.

The number of dead in Gaza has become a matter of bitter debate since Israel launched its military campaign against Hamas in response to the Palestinian militant group's unprecedented October 7, 2023 attack.

Up to June 30 last year, the health ministry in Hamas-run Gaza reported a death toll of 37,877 in the war.

However, the new peer-reviewed study used data from the ministry, an online survey and social media obituaries to estimate that there were between 55,298 and 78,525 deaths from traumatic injuries in Gaza by that time, AFP reported.

The study's best death toll estimate was 64,260, which would mean the health ministry had under-reported the number of deaths to that point by 41 percent.

That toll represented 2.9 percent of Gaza's pre-war population, "or approximately one in 35 inhabitants," the study said.

The UK-led group of researchers estimated that 59 percent of the deaths were women, children and the elderly.

The toll was only for deaths from traumatic injuries, so did not include deaths from a lack of health care or food, or the thousands of missing believed to be buried under rubble.

AFP is unable to independently verify the death toll.

On Thursday, Gaza's health ministry said that 46,006 people had died over the full 15 months of war.

In Israel, the 2023 attack by Hamas resulted in the deaths of 1,208 people, mostly civilians, according to an AFP tally based on official Israeli figures.

Israel has repeatedly questioned the credibility of the Gaza health ministry's figures, but the United Nations have said they are reliable.

- 'A good estimate' -

The researchers used a statistical method called "capture-recapture" that has previously been used to estimate the death toll in conflicts around the world.

The analysis used data from three different lists, the first provided by the Gaza health ministry of the bodies identified in hospitals or morgues.

The second list was from an online survey launched by the health ministry in which Palestinians reported the deaths of relatives.

The third was sourced from obituaries posted on social media platforms such as X, Instagram, Facebook and Whatsapp, when the identity of the deceased could be verified.

"We only kept in the analysis those who were confirmed dead by their relatives or confirmed dead by the morgues and the hospital," lead study author Zeina Jamaluddine, an epidemiologist at the London School of Hygiene and Tropical Medicine, told AFP.

The researchers scoured the lists, searching for duplicates.

"Then we looked at the overlaps between the three lists, and based on the overlaps, you can come up with a total estimation of the population that was killed," Jamaluddine said.

Patrick Ball, a statistician at the US-based Human Rights Data Analysis Group not involved in the research, has used capture-recapture methods to estimate death tolls for conflicts in Guatemala, Kosovo, Peru and Colombia.

Ball told AFP the well-tested technique has been used for centuries and that the researchers had reached "a good estimate" for Gaza.

Kevin McConway, a professor of applied statistics at Britain's Open University, told AFP there was "inevitably a lot of uncertainty" when making estimates from incomplete data.

But he said it was "admirable" that the researchers had used three other statistical analysis approaches to check their estimates.

"Overall, I find these estimates reasonably compelling, he added.

- 'Criticism' expected from both sides -

The researchers cautioned that the hospital lists do not always provide the cause of death, so it was possible that people with non-traumatic health problems -- such as a heart attack -- could have been included, potentially leading to an overestimate.

However, there were other ways that the war's toll could still be underestimated.

The study did not include missing people. The UN humanitarian agency OCHA has said that around 10,000 missing Gazans are thought to be buried under rubble.

There are also indirect ways that war can claim lives, such as a lack of healthcare, food, water, sanitation or the spread of disease. All have stricken Gaza since October 2023.

In a contentious, non-peer-reviewed letter published in The Lancet in July, another group of researchers used the rate of indirect deaths seen in other conflicts to suggest that 186,000 deaths could eventually be attributed to the Gaza war.

The new study suggested that this projection "might be inappropriate due to obvious differences in the pre-war burden of disease" in Gaza compared to conflicts in countries such as Burundi and East Timor.

Jamaluddine said she expected that "criticism is going to come from different sides" about the new research.

She spoke out against the "obsession" of arguing about death tolls, emphasizing that "we already know that there is a lot of high mortality.”