The International Cooperation Ministry has announced three main activities during the 2022 United Nations Climate Change Conference (COP27) to promote joint action and advance comprehensive and sustainable development efforts to stimulate private sector engagement and the expansion of innovative financing tools.
In a press release, the Ministry said that this comes in light of Egypt’s COP27 Presidency and in line with Egypt’s commitment to increase cooperation with multilateral and bilateral partners.
The COP27 will witness announcements on the results of ongoing discussions and partnerships with multilateral and bilateral development partners, as well as the presentation of the NWFE Program results, the nexus of water, food and energy, in line with the country’s objectives and 2050 National Climate Change Strategy and commitment to go from pledges to implementation.
The NWFE Program was prepared under the umbrella of the 2050 National Climate Change Strategy and the Nationally Determined Contributions (NDC) in order to enhance efforts to achieve inclusive and sustainable growth, achieving a low-carbon development and developing resilience and adaptability to climate change. This includes improving governance and accelerates progress towards climate action by enhancing infrastructure to finance climate activities, as well as promoting scientific research activities and technology transfer.
The Ministry announced that the NWFE program includes 9 projects that represent a priority for the state in the intertwined water, food and energy sectors, including mitigation and adaptation, with investments worth approximately $15 billion to support implementation with one main energy project, five projects in food security and agriculture and 3 projects in irrigation and water.
International Cooperation Minister Rania Mashat said that the NWFE Program is in light of the directives from Prime Minister Mostafa Madbouli to prepare a list of green projects in cooperation with national entities to be promoted for development financing and technical support in a way that stimulates private sector engagement and the expansion of innovative financing tools.
Mashat noted that in order to move forward in a clear course of action characterized by governance and coordination with development partners, for each of the NWFE Program’s access (Water, Food and Energy), a development partner was selected as a coordinator. For the energy sector, the European Bank for Reconstruction and Development (EBRD) was selected, for the food sector, the International Fund for Agricultural Development (IFAD) was selected, and for water, the African Development Bank (AfDB) was selected.
She stated that over the course of more than six Multi-Stakeholder Platforms held on the NWFE Program, more than 30 coordination meetings, and over 20 technical meetings at the level of working groups locally and globally, “we have seen support, and clear international commitment by international financial institutions and multilateral and bilateral development partners to support the national platform for green projects. The NWFE Program was applauded for its transparent and replicable model, aimed at mobilizing climate investments and stimulating private sector engagement. Al-Mashat noted that the results of these discussions will be announced during COP27,” she added.
During the 2nd edition of the Egypt – International Cooperation Forum (Egypt – ICF) held under the patronage of President Sisi in September, 17 international institutions and development partners issued a joint statement for the NWFE Program and its importance in stimulating the green transformation, emphasizing its dynamic and participatory nature. The institutions that signed the joint statement are: Abu Dhabi Fund for Development, Africa 50, African Development Bank, Asian Infrastructure Investment Bank, the Arab Fund for Economic and Social Development, Citi Bank, European Bank for Reconstruction and Development, European Investment Bank, Glasgow Financial Alliance for Net Zero (GFANZ), HSBC – Egypt, Industrial Renewable Energy Agency, International Fund for Agricultural Development, Islamic Development Bank, Japan International Cooperation Agency, Kuwait Fund for Arab Economic Development, OPEC Fund, United Nations, and the US.
Source: State Information Service Egypt