Private sector participation to allow more investments in climate action, more innovative financing: Al-Mashat

Daily News Egypt
3 Min Read

The Minister of International Cooperation, Rania Al-Mashat, said that governments alone cannot fulfill the climate agenda, noting that the participation of the private sector in implementing adaptation projects is of great importance in achieving the green transformation, including innovative and blended financing, and green investment.

Al-Mashat’s keynote speech came at the Alliance of CEOs meeting, held within the 2022 World Economic Forum Annual Meeting in Davos, Switzerland. This is an international alliance of 120 CEOs of major global companies that adopt strategies to promote climate action and to push for international policies aiming to reduce harmful emissions.

The discussion touched on preparations for the COP27, mobilizing global efforts to confront climate change, strengthening partnerships between the public and private sectors to achieve the SDGs, and advancing global commitments to climate action; from pledges to implementation.

In her speech, Al-Mashat stated that the COP27 is taking place at an exceptional time, while the world is still recovering from the COVID-19 repercussions coupled with the impact of the Russian-Ukrainian war. The Minister pointed out that achieving sustainable development and moving towards a sustainable recovery will only be possible by implementing climate pledges, reducing harmful emissions, and supporting the efforts of developing and emerging countries in the green transformation.

Through Egypt’s presidency of COP27, Al-Mashat elaborated the need to go from pledges to implementation, while moving forward and preserving development gains, in addition to strengthening joint cooperation with all relevant entities so as to bridge financing gaps through innovative tools and blended finance, particularly within the African continent as it is the most impacted by climate change.

She stated that Egypt is taking tangible measures to advance climate efforts, as a Supreme Committee of the National Council for Climate Change was formed, headed by the Prime Minister. The country also launched its National Climate Change Strategy 2050, while working to implement ambitious strategies in renewable energy, sustainable infrastructure, transportation and water, alongside increasing private sector participation in development efforts across sectors.

Al-Mashat is participating in the 2022 World Economic Forum Annual Meeting in Davos, Switzerland, under the title “History at a Turning Point: Government Policies & Business Strategies” until Thursday. Being physically held for the first time since the 2020 COVID-19 pandemic, this event witnesses the participation of over 2,500 leaders, decision-makers, and international institutions. The forum’s activities cover eight main themes: climate and nature, fairer economies, tech and innovation, jobs and skills, better business, health and healthcare, global cooperation, and society and equity.

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