Access to financing is one of the main obstacles to climate action plans: International Cooperation Minister 

Daily News Egypt
4 Min Read

Minister of International Cooperation Rania Al-Mashat said that given the strong global interest in climate action, access to financing is one of the main obstacles to fulfilling climate action plans.

She stressed the urgent need for innovative financing tools to achieve sustainable development goals, expand adaptation projects, and mitigate the repercussions of climate change.

The minister also touched on Egypt’s commitment to transition to a green economy and the successive steps being taken in this regard, most notably the launch of the 2050 National Climate Change Strategy and the compiling of a list of projects in the areas of adaptation and mitigation of the repercussions of climate change to promote it among development partners and investors at the global level.

This is being done in a manner that enhances the resilience of the Egyptian economy and supports its orientation towards reducing emissions and green transformation in parallel with preparations to host the UN Conference of Parties on Climate Change (COP 27) that will be held in Sharm El-Sheikh this November, which represents a strong opportunity to showcase the ambitions of Egypt and Africa and mobilise international support for the implementation of these plans.

Al-Mashat’s remarks came during her keynote speech at the launch of a new series of seminars by HSBC Egypt focused on the transition to net-zero. Egypt’s commitment to addressing climate change was the focus of her keynote speech.

“HSBC is committed to helping lead the transition to a global net-zero carbon economy, and with the approaching COP 27and the ambition of the Egyptian government’s 2030 Vision, it is clear that our clients are looking for more support and insight to help them plan their own net-zero journeys,” said Todd Wilcox — HSBC Egypt CEO and Deputy Chairperson. 

The new series of seminars will cover the role of the financial sector in supporting the transition to net-zero, the rise of sustainable investing, and showcase how companies are incorporating sustainability into their business growth strategies.

The series is part of HSBC’s broader pledge to mobilise the transition to a net-zero economy, not just by financing it, but by helping to shape and influence the global agenda.

“Leading the transition to net-zero is a pillar of our ambitions and strategy globally, so we’re mobilising finance to support our customers’ transitions, accelerating innovation to help scale up climate change solutions, and building global partnerships to ensure investment is swiftly channelled towards truly sustainable projects,” said Stephen Moss — Regional Chief Executive of HSBC in the Middle East, North Africa, and Turkey

The launch event was attended by more than 130 HSBC clients, highlighting the role of the private sector in building a more sustainable and prosperous future for Egypt.

“We are committed to working with our customers across Egypt, who are all at different stages of their sustainability journey. We are supporting them in articulating the challenge, understanding the solutions, and then working with them as partners to make change happen,” Wilcox said.

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