“International Cooperation” reveals Egypt’s preparations to host the Climate Change Conference

“International Cooperation” reveals Egypt’s preparations to host the Climate Change Conference
“International Cooperation” reveals Egypt’s preparations to host the Climate Change Conference

Dr. Rania Al-Mashat, Minister of International Cooperation, reviewed the results of the recommendations issued by the Egypt-ICF Forum on climate action and the need to enhance innovative and mixed financing tools to support the state’s efforts aimed at overcoming the effects of climate change.

This came during her meeting with CNN International, with the media, Elaine Geokos, on The Exchange program, and the minister said that with Egypt’s preparations to host the United Nations Climate Change Conference COP27 next year, Egypt places among its main priorities the support of collective action. It is common for the countries of the African continent to promote climate action and face the challenges resulting from climate change, especially since the continent contributes less than 4% of harmful emissions, but is considered the most affected by them.

The final recommendations of the Egypt Forum for International Cooperation and Development Finance included a section on climate action, where it stressed the need to adhere to the United Nations Framework Convention on Climate Change and its Paris Agreement, and also stressed the need for developed countries to commit to working on the need to provide resources worth $100 billion annually. From various sources to support climate action in developing countries, the recommendations also emphasized the importance of deliberate investment in green infrastructure to stimulate economic growth.

The recommendations encouraged integrating green investment and financing in economic recovery plans, and working on new financial instruments such as green bonds and carbon bonds to reduce harmful gas emissions, taking into account the need to achieve the goal of adapting to and confronting climate change in many developing countries.

Al-Mashat indicated that the world is awaiting the convening of the next edition of the COP26 Climate Change Conference, and is awaiting the results that will be explained about it, noting that after the Corona pandemic, the world is not only talking about recovery from its negative effects, but also a green and sustainable recovery, to meet the double challenge. related to the health, economic and social repercussions of the pandemic, as well as facing climatic challenges.

During the meeting, CNN praised Egypt’s efforts to shift towards a green economy and promote climate action, as it is the first country in the region to issue green bonds worth $750 million last year, and it will organize the United Nations Climate Change Conference next year, which is The most important forum that witnesses the participation of all parties concerned with climate action in the world.

In a related context, the Minister of International Cooperation referred to the conclusion of the annual meetings of the World Bank Group and the International Monetary Fund, during the past week, and her participation in many meetings, including the meeting of the Development Committee and the Group of 24, which witnessed a discussion of the challenges facing the world and the need for equitable access to vaccines, explaining that The international financial institutions are making efforts to try to achieve an equitable distribution of vaccines.

With regard to issuing a book of principles of economic diplomacy to enhance international cooperation and development finance, the Minister of International Cooperation indicated that the world has realized the urgent need for joint action among all relevant parties to recover from the pandemic and overcome its repercussions, and not be satisfied with internal procedures to confront it, explaining that Egypt has translated these matters. On the ground, as documented in this book, which reviews the three principles of economic diplomacy, which is the platform for joint coordinating cooperation, matching development funds with the UN goals for sustainable development, and listing international participation.

Al-Mashat noted that these principles constitute the work vision of the Ministry of International Cooperation, to strengthen partnerships with multilateral and bilateral development partners, and concerned parties from the government, the private sector and civil society, to move forward towards implementing national priorities in terms of development and ensuring their consistency with the UN agenda. for sustainable development.

 
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