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Egypt launches unprecedented initiative to incentivize climate action investments
Egypt – which holds the presidency of the United Nations Climate Change Conference (COP27) – has launched an unprecedented initiative to incentivize investments in various fields of climate action.
The initiative aims at posting investors, companies, international financing institutions, development banks and other effective players on climate projects and available investment opportunities in this score; thus helping to take action and implement projects serving climate goals.
Under the initiative, five major regional forums will be held to serve this end.
The first forum on Africa will be held on August 3-4 in Addis Ababa, which is the home of the UN regional economic committee for Africa.
The second forum will take place on August 25 in Bangkok, the home of the UN regional economic committee for Asia-Pacific.
The third one will be held on September 1-2 in Santiago, the home of the UN regional economic committee for Latin America and the Caribbean (LAC).
The fourth forum will convene on September 15 in Beirut, the home of the United Nations Economic and Social Commission for Western Asia (ESCWA). This forum will focus on Arab countries.
The fifth forum will be held on September 20 in Geneva, the home of the United Nations regional economic committee for Europe.
The outcome of the five forums will be reviewed at the COP27, which will be held in Egypt’s Red Sea resort city of Sharm el Sheikh in November.
Mahmoud Mohieldin, the United Nations Climate Change High-Level Champion for Egypt, said the initiative aims to boost investments in the fields of food, water, new and renewable energy, infrastructure, digital transformation, developing irrigation systems and increasing agricultural productivity.
He noted that the first forum – due to be held in Addis Ababa – will be under the theme of “Road to COP27: African Regional Forum for climate initiatives and financing climate action and the sustainable development goals.”
A high-level Egyptian delegation will take part in the forum which will witness the virtual participation of Ministers Sameh Shoukry of Foreign Affairs, Yasmine Fouad of Environment, and Rania Mashat of International Cooperation as well as Chairman of Egyptian Exchange (EGX) Mohamed Farid.
A large number of African ministers, UN officials and high-level businessmen will take part in the forum alongside representatives of financing institutions and development banks inside and outside Africa.
The forum includes many sessions that will address just financial transition tools, upgrading investment with regard to measures of adaptation with climate change impact, means of transition to green economy and mobilizing private sector efforts in the field of climate action.
The three-day forum includes holding six round tables that will address energy resources, just transition of energy and transportation sectors into eco-friendly sectors, food security, climate-smart agricultural method, building resilient environment systems capable of adaptation with climate change, digital transformation, developing an African carbon market, blue economy and securing water resources for cities.
The forum aims to mobilize financing and guarantee the flow of investments to build an environment system in Africa capable of confronting climate change and promoting the African development agendas of 2030 and 2063.
The forum also seeks to find eco-friendly climate and economic solutions, thus contributing to achieving the sustainable development goals in Africa and promoting cooperation among various sectors and countries to manage the dangers of climate action risks and transition to green economy.
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