To achieve green transformation, the world needs annual investment $5.7 trillion.
This statement by the Egyptian Minister of International Co-operation Rania el-Mashat came on Thursday during an event ‘Empowering the South: Green Economy and Climate Resilience’.
This amount is far in excess of the $632 billion mobilised in 2019-2020, the minister added.
The event was organised by the InRoot Foundation for Development and the Masar Project.
The UN Climate Change High Level Champion for Egypt and UN Special Envoy on Financing 2030 Sustainable Development Agenda, Dr Mahmoud Mohieldin, attended the event, which was held under the auspices of the Ministry of International Co-operation.
The government is planning a platform for all those interested in development, the minister said, adding that the government has drawn up a roadmap for investing in green and smart projects across all governorates.
In her addressing to the event, el-Mashat said her ministry has launched a platform to empower the South, bringing together decision-makers and development partners to exchange expertise with a view to sustainable and comprehensive development and green transformation.
During the event, 34 start-ups from Assiout, Qena, Sohag, Luxor and Aswan, received funding from the Netherlands, New Zealand, the Drosos Foundation, a private Swiss foundation with activities in the Middle East and North Africa, Germany and Switzerland. This emphasises the role of international partnerships in stimulating development.
The minister referred to the close link between startups and innovative ideas in fighting climate change.
In order to achieve the green transformation, the world needs annual investment $5.7 trillion, which far exceeds the $632 billion mobilised in 2019-2020, the minister said.
She stressed the need to expand innovative financing that stimulates climate action and opens the door to private sector participation.
COP27 will skip the pledges and promises and find practical solutions that help implement climate projects, el-Mashat said.
The conference will focus on finance as developed countries should fulfill their pledges to finance climate action in developing countries, el-Mashat added.
The government is interested in enhancing private sector participation in financing and implementing climate projects.
She urged the establishment of carbon markets that suit economies of the developing countries, activating debt swaps for co-investing in climate action, enhancing ESGs to prevent green washing, and linking public budgets of states to development and climate action.
El-Mashat also stressed the need to increase investments in climate adaptation projects.
She said her ministry, in partnership with the Ministries of Environment and Communications and Information Technology, launched ‘ClimaTech Run 2022’, an international competition for startups, entrepreneurs, innovators and specialists in digital sector from all over the world.
The competition is to encourage innovative ideas to deal with the threats of climate change.
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