Egypt calls for international action to boost climate finance at COP29

Egypt calls for international action to boost climate finance inCOP29

In a world witnessing severe climate changes, Egypt is at the forefront of the international scene at the 29th Climate Conference, hosted by the state of Azerbaijan, where COP29 seeks to resume what Egypt presented in 2022 throughCOP27, through which it was able to launch the “Loss and Damage Fund” for financing the global climate crisis.

Regarding this Egyptian importance in the issue of financing projects to combat climate change, the twenty-ninth Conference of the Parties (COP) continued its activities that began on the 11th of this month, drawing on the experiences of the Egyptians and their effective role in this global issue.

At the meeting of the “Coalition of Finance Ministers for Climate Action”, on the sidelines of the conference, the Minister of Finance – Mr. Ahmed Kojok – confirmed that Egypt is a driving force towards achieving sustainable development at the global level, by increasingits green investments in many sectors, especially the energy sector and the water sector, and this by a rate of up to 40% in the current year, with an increase to 50% In the future.

In confirmation of this green Egyptian march, the Minister of Finance indicated that Egypt has issued “green bonds,” and this is within a sustainable sovereign financing framework that works to implement more climate projects. Mr. Ahmed Kjouk also stressed the importance of international action in strengthening climate financing measures, especially for developing countries.

In the same context, the Minister of Finance stated that the world is in dire need of enhancing financial flows to developing countries, and that this requires effective cooperation at the level of the private sector, including achieving and implementing partnership mechanisms between it and the public sector, and this is by allowing a greater role for private green investments.

As for ways to achieve these participatory mechanisms between the public and private sectors, Mr. Ahmed Kojok – Minister of Finance – saw that attention should be paid to blended financing, with the necessity of intelligent use of financial guarantees, which imposes on the countries of the world the necessity of using debt swaps for development and climate; In order to provide financial space to meet climate finance pledges, while ensuring macroeconomic stability.

In conclusion, Egyptian global efforts on the issue of climate finance did not stop at COP27; It continues to drive climate action globally; So that we can all achieve the Sustainable Development Goals (SDGs). These Egyptian efforts are an important attempt to confirm collective action on such issues, as green investment in the environment becomes a global priority.