Egyptian Minister of International Cooperation, Dr. Rania Al-Mashat, emphasized the pivotal role of climate finance in the discussions at the United Nations Climate Change Conference (COP28) in Dubai. She noted that not only is financing crucial, but also the solutions in this context, which were evident in the commitments and solutions witnessed at COP28.
Dr. Al-Mashat reviewed Egypt’s experience in implementing climate goals in collaboration with development partners, particularly through the national platform of the “Nawfe” program. She highlighted the private sector’s and direct investments’ roles in supporting these orientations. The minister affirmed that each country has its Nationally Determined Contributions (NDCs) that need to be translated into projects.
During a special seminar titled “Investing in a Greener Future for the Middle East,” hosted by Sky News Arabia’s Economics Editor, Lubna Bouza, at COP28, Dr. Al-Mashat explained that the common thread in climate-related initiatives is the involvement of multiple stakeholders. This ranges from governments, which have a base to push when it comes to policies and regulations, to multinational development banks in moving forward in this context.
She pointed out the progress made with the “Green Climate Fund,” which succeeded in mobilizing up to $13 billion during COP28. The Egyptian minister also discussed the “Loss and Damage Fund,” officially activated during COP28, following its approval at last year’s Sharm El-Sheikh summit in Egypt. She noted the extensive efforts over the past 12 months to bring partners together, highlighting pledges to the fund exceeding $300 million.
Dr. Al-Mashat praised the solutions presented by COP28 and the messages emanating from it, describing them as “very encouraging,” especially regarding the progress on the Green Climate Fund and climate financing pledges. She mentioned that many important points were addressed, and next year will see more implementation.
