Dr. Hala Al-Saeed, Minister of Planning and Economic Development, participated in the discussion session on “Financial means to finance just transitions” via video conference, which was held within the activities of the “Road to COP27: African Regional Forum on Climate Initiatives, Financing Climate Action and the Sustainable Development Goals”, which was hosted by Addis Ababa from 2 to 4 August, with high-level Egyptian participation.

This forum is among five regional forums held in cooperation between the Egyptian Presidency of the United Nations Climate Conference COP27, the United Nations Economic Commission for Africa, and the high-level climate action pioneers of the COP27 Climate Conference and the previous climate conference in Glasgow COP26 under the title “Towards the COP27 Climate Summit: Regional Forums on Climate Initiatives Climate finance and the sustainable development goals.

During her participation, Dr. Hala Al-Saeed said that the discussion on Africa has begun to shift from a dialogue about risks and challenges to huge opportunities and possibilities, continuing that the motivation behind this change in outlook is the remarkable progress that the continent has witnessed in various fields, especially achieving significant economic growth and eliminating Poverty, improved living standards and a significantly improved business environment, thanks to the implementation of major reforms.

Al-Said added, in a press release, today, Friday, that despite these bright prospects, Africa has recently faced multiple global challenges, from a widespread pandemic to escalating geopolitical challenges. This undermines efforts towards achieving Agenda 2063 and the 2030 Agenda for Sustainable Development, following up on that the challenges facing the continent are only expected to worsen with climate change entering the equation.

Al-Saeed explained that although Africa’s contribution to climate change is negligible, it stands out as the region most vulnerable to its impacts, adding that failure to take immediate action not only leads to setbacks to development efforts, but also threatens to reverse the gains made by African countries in Last few years.

Al-Said stressed that any bold climate action will not be achieved without the adequate funding needed to support efforts directed towards adaptation, adding that, according to recent forecasts, Africa needs $250 billion annually, between 2020 and 2030, to implement its Nationally Determined Contributions, leading to increase pressures on the continent and its ability to achieve development goals, indicating that the issue of financing, especially for Africa, is expected to be placed at the top of the agenda during the twenty-seventh session of the Conference of the Parties.

Al-Saeed pointed to the role of the private sector in mobilizing financing tools, pointing to the evolution of the role of companies in combating climate change over time, as well as gaining great importance recently with the increasing pressure on government resources and technical capabilities, stressing the importance of encouraging private investment not only in To address the funding shortfalls mentioned above but also to build innovative capabilities and promote advanced technological solutions needed to face the critical crisis of the current era.

Al-Saeed also touched on the important role that companies play as providers of high levels of employment and the creation of new markets, which contributes to compensating for the disappearance of jobs and markets, ensuring a fair transition for all, stressing the need to consider partnership between the public and private sectors among effective and innovative tools in project financing. Climate-related issues, explaining that by integrating resources, PPPs can help achieve major successes as they provide a number of benefits.

Al-Said affirmed the Egyptian government’s commitment to building an attractive investment climate to encourage more private investments, especially in green sectors and activities, noting that the government has put in place a wide range of legislative and institutional reforms such as investment and bankruptcy laws, as well as amending the Public-Private Partnership Law to expand the scope of projects, in which the private sector can participate.

Al-Saeed indicated that the government launched a package of financial and non-financial incentives to stimulate private investment in green sectors such as renewable energy, waste management and clean transportation, stressing that the government gives priority to pushing public-private partnerships mainly through the Sovereign Fund of Egypt, which was established as a mechanism Reliable for the government to co-invest with local and foreign partners.

Al-Saeed stressed the need to take serious and ambitious steps to confront the prevailing financing challenges, which impede investment in recovery, climate action and achieving sustainable development goals in Africa, as well as the importance of increasing financial flows to Africa through collective action by all parties, with the participation of the private sector.

Al-Saeed concluded by referring to the vision of Egypt’s presidency of COP 27, which aims to ensure the effective implementation of the green transition in the world quickly, taking into account the special needs and conditions of the African continent.

The Closing Session

Dr Mahmoud Mohieldin, UN Climate Change High-Level Champion for Egypt, addressed the closing session of the “Road to COP27: African Regional Forum on Climate Initiatives, Financing Climate Action and Sustainable Development Goals”.

During his speech, Mohieldin said that this forum, which is one of five regional roundtables Egypt will be holding over the coming two months in its role as president of the 2022 UN Climate Change Conference (COP27) in an unprecedented initiative to catalyze investments in different climate sectors, succeeded in breaking down barriers between all parties in climate action, and came out with good results for financing projects that would achieve the various goals of climate action.

Mohieldin said that the African Forum succeeded in putting climate projects and various financing agencies on one table, and discussed ways to invest in the various axes of climate action, achieving a balance between investment in projects to mitigate the effects of climate change and adaptation projects.