The Egyptian Prime Minister Moustafa Madbouli inaugurated the activities of “Finance Day” organised by the Ministry of Finance in the Egyptian pavilion in the Blue Zone as part of United Nations Climate Change Conference (UNCCC) COP27.
The inaugural session was attended by Finance Minister Mohamed Maait, President of World Bank Group David Malpass, Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva, Nigerian Finance Minister Zainab Ahmed, UN Climate Change High Level Champion for Egypt and the UN Special Envoy on Financing 2030 Sustainable Development Agenda Mahmoud Mohieldin, UN Special Envoy on Climate Action and Finance Mark Carney, President of the European Bank for Reconstruction and Development (EBRD) Odile Renaud-Basso, Administrator of the United Nations Development Programme (UNDP) Achim Steiner in addition to a number of those interested in the issues of climate finance.
Madbouli said that COP 27 sets an example for the link between the financial policies and the climate issues, adding that it has become important for supporting the efforts of climate change at the levels of reducing emission and adaptation.
Madbouli asserted that Egypt is keen on good preparation of the meetings of the “Finance Day” via an intensified program that includes discussions on different issues related to initiatives of creative finance, encouraging the private sector on the transition to the green economy and achieving just transition that accomplishes social and economic dimensions.
The success of the discussion today depends on the collective ability to present serious, effective and applicable initiatives, Madbouli said, announcing cooperation between the Egyptian Ministry of Finance with partners to formulate two initiatives, discussed Wednesday, on facilitating debt swap to change climate and reduce the cost of green loaning to cope with the Paris Agreement and the outcome of the Glasgow climate summit.
Finance is the cornerstone for fulfilling the national commitments towards the transition to the green economy, Madbouli said, asserting the importance of discussing the current condition of the world economic crisis and the challenges faced.
Meanwhile, Maait said that “Finance Day” tackles creating tools and systems for creative and easy finance to low the cost of the green economy transition to contribute to facilitating the impact of climate change, especially in the African and developing countries.
Meanwhile, Mohieldin said that COP 27 is a suitable opportunity to implement global commitments towards the climate transition and reduction of carbon emission.
