British amb. stresses UK's support to Egypt in COP27 successful
Wednesday، 05 October 2022 - 11:11 AM
British Ambassador in Cairo Gareth Bayley affirmed Tuesday his country's full support to Egypt to render successful the 27th Conference of the Parties (COP27) to the United Nations Framework Convention on Climate Change (UNFCCC) which is set to take place in the Red Sea resort city of Sharm El Sheikh in November.
This came in his word before a celebration held by the embassy under the title “one month to go” to mark one month until COP27 and celebrate the Egyptian-British green partnership.
The British diplomat said his country is proud, in its capacity as head of Glasgow COP26, for handing over the COP27 presidency to Egypt.
Bayley lauded ongoing Egyptian efforts to face up to climate change and underlined the constant link between Glasgow and Sharm El Sheikh global climate gatherings.
Meantime, in a recorded speech, aired during the celebration, UK Foreign Secretary James Cleverly said he would be attending the COP27, underscoring the necessity of having all countries join efforts to reach a common goal to limit global temperature rise to well below 1.5 degrees Celsius.
The event saw the launch of the Climate Finance Accelerator (CFA), a technical assistance program funded by the UK government, to support low-carbon projects in Egypt and connect them with investors.
The projects will be selected by Egyptian and international experts based on four main criteria: climate mitigation potential, project maturity, financial structuring, and gender equality and social inclusion.
The Climate Finance Accelerator aims to improve the flow of green finance or climate finance in Egypt by providing climate-friendly projects with practical support and advice from technical, financial, and gender equality and social inclusion experts. This will help increase the chances of these projects securing investment and also support Egypt to develop a sustainable pipeline of bankable, low-carbon projects.