International Cooperation Minister Rania Al-Mashat said that Egypt's most important success in hosting the COP27 climate conference was directing the world’s attention to the Middle East and mobilizing international efforts to support Africa.
“Egypt was able to provide a model for the world and emerging countries by its ability to organize this huge international conference, which is among the largest in the world, and to host thousands of participants and world leaders to discuss climate action,” Al-Mashat told Asharq Al-Awsat.
“At the climate conference in Glasgow last year, we held a round table in the presence of global financial institutions and the private sector and launched an initiative to develop an international framework for innovative finance.”
“Since then, we have worked with more than 100 development partners, the private sector, investment and commercial banks, and non-profit organizations to study mechanisms and ways to stimulate equitable financing,” revealed Al-Mashat.
The minister added that efforts were also spent on developing clear recommendations that would stimulate the ability of countries and governments to provide appropriate financing to meet their climate ambitions and implement Nationally Determined Contributions (NDCs).
“Six working groups were launched, and a development partner took charge of coordination in each group in order to formulate and extract lessons learned and practical recommendations regarding equitable climate finance,” noted Al-Mashat.
Regarding the Sharm el-Sheikh Guide to Fair Financing, which was launched at COP27, she stressed that it was put together with the help of international financing experts and institutions.
These institutions included the World Bank, the African Development Bank, the European Bank for Reconstruction and Development, the European Investment Bank, and the Islamic Development Bank.
UN agencies, such as UNICEF, also participated in the process.
Al-Mashat added that the Guide to Fair Financing was based on 12 key principles to stimulate climate finance. These principles serve as a guiding framework for encouraging partnerships between all relevant parties, particularly the public and private sectors, to drive the transition towards a sustainable green economy.