Davos initiative to scale up climate finance builds on directions set at COP27: Mashat
Cairo: Hani Kamal El-Din –
Egypt’s Minister of International Cooperation Rania al-Mashat said climate change is a global challenge that requires consolidating efforts and promoting commitment to climate action, as well as making the best use of available resources to finance the green transition.
Mashat was speaking during a session, held as part of the World Economic Forum (Davos 2023), to launch an initiative to encourage partnerships between non-profit organizations and the private as well as government sectors to scale up private finance.
To achieve the goals of the UN Climate Change Conference, developed nations must deliver on their climate finance commitments, the minister said, adding that “this call to action is extremely timely, as it builds on the directions set during COP27 in Sharm El-Sheikh, ‘the COP of implementation’ under the Egyptian presidency.”
“We need more philanthropies to join us at the table and help scale up multilateral development bank finance to unlock private investments to accelerate the green transition,” Mashat said.
“Egypt will work closely with the World Economic Forum to build effective and impactful philanthropic public private partnerships, and promote the role of the prominent ‘P’ – Philanthropy.” she added.
During the event, Mashat touched upon the Sharm El-Sheikh Guidebook for Just Financing, which brings the idea of ‘Justice’ to climate finance to move from pledges to implementation.
The Guidebook emphasizes the need to scale-up investments towards climate adaptation and mitigation projects, while highlighting the importance of improved access to quality and quantity climate financing that leaves no one behind through a variety of mechanisms and tools to promote just financing.
The session tackled the role of philanthropies in stimulating climate action, and how the government and private sector could benefit from the tools and resources of the non-profit institutions to close a financing gap that has soared to up to $100 trillion in the wake of COVID-19 and other urgent global challenges.
Source of data and images: egyptindependent