Deputy Secretary-General of the United Nations, Amina J. Mohammed thanked President Abdel Fattah El Sisi for “bringing us together with finance ministers before COP27 to deliver a clear message that it’s time for implementation at scale and with a sense of urgency”.
This comment came during Mohamed’s speech to the 2nd Egypt International Co-operation Forum (Egypt-ICF 2022), which opened Wednesday at the New Administrative Capital under the patronage of President Sisi.
Many parts of the world are simultaneously faced with the negative impact of climate change and the high cost of living crisis, the UN official said.
“Lives of migrants are being destroyed. Climate Action is stalling,” Mohamed said, adding that we have gone beyond statements and not it is time to take concrete action.
Developing countries need to know which financial instruments are available to support their transition to sustainable and climate resilient economies, she said, adding that these countries must deliver on the $100 billion annual commitment and make up for the years of falling short. “This is the key to restoring trust between countries,” she said.
In Africa alone, more than $500 billion will be required to achieve universal energy access by 2030, the UN official said.
“We need to localise climate solutions and investments at grassroots level within the holistic framework of the Sustainable Development Goals (SDGs),” she added, expressing her appreciation of Egypt’s efforts in terms of the national initiative for green and small projects.
“Climate resilience investments must become the new normal strategy for delivering on the SDGs,” she said.
Mohamed welcomed the NWFE country platform presented by the Egyptian government and its partners.
The Ministry of International Cooperation launched the national platform for green projects (NWFE) programme last July with a list of national projects in energy, food, and water — all aligned with the National Strategy for Climate Change 2050.
It is part of the Ministry of International Cooperation’ s efforts to benefit from development funding and increase private sector participation in development projects.
The programme seeks to mobilise concessional development finance for a package of priority green development projects in the food, water, and energy sectors.
It falls well within the country’s national agenda in supporting climate action, green projects (such as renewable energy), food security, agricultural productivity, alongside sustainable infrastructure and transport. It aims to achieve sustainable, low-emission development and enhance scientific research and technology transfers in the climate change field.
Part of the support for the NWEF programme will be provided in the form of a grant, while the other part will be soft financing and investments by the private sector at a total cost of nearly $10 billion.
Mohamed noted that the platform will accelerate the implementation mode of Egypt’s 2050 climate strategy, for the transition to a climate resilient, net zero future.
“The COP 27 presidency, the UN climate champions, and the United Nations Economic Commission for Africa are working tirelessly to identify those projects with huge potential for private investment,” she said.
The deputy Secretary General of the UN added: “We must urgently reform the multilateral development banks to take into account climate risks and fully support the transition to the developing countries.”
She noted that 15 African countries are at risk of external and public debt distress, and six are already facing debt distress, adding that African countries are scheduled to pay $64 billion in debt repayments in 2022; twice the amount that is available in financial aid.
“While some countries will need comprehensive assistance to restructure their debt, we must improve the multilateral framework for debt applying to validation sources,” she added.
Mohammed pointed out that sustainable debt help during this forum will provide a link between debt issuances and key performance indicators addressing climate resilience.
