UNCTAD urges stronger action to help least developed nations tap into carbon markets
The United Nations Trade and Development (UNCTAD) urged during the 29th United Nations Climate Change ...
Egypt witnesses launch of two COP29 initiatives on sustainable energy, green skills
Egypt’s Minister Rania Mashat has witnessed the launch of two international initiatives on sustainable energy and green skills during the 29th United Nations Climate Change Conference (COP29).
She participated in the ministerial meeting on energy initiatives, where the COP29 Presidency Energy Initiative was launched; “The Baku Initiative for Climate Finance, Investment and Trade”.
This event was part of the “Energy, Peace, Relief, and Recovery Day” at the climate conference, and featured the participation of Parviz Shahbazov, Azerbaijan’s Minister of Energy, Fatih Birol, Executive Director of the International Energy Agency (IEA), Francesco La Camera, Director-General of the International Renewable Energy Agency (IRENA), Tatiana Molcean, UN Under-Secretary-General and Executive Secretary of the UN Economic Commission for Europe (UNECE), Armida Salsia, UN Under-Secretary-General for the UN Economic and Social Commission for Asia and the Pacific (ESCAP), and Ciyong-Zou, Deputy Director-General of UNIDO.
The session was organized by the Presidency of Azerbaijan for COP29, in cooperation with UNIDO, the UN Economic and Social Commission for Asia and the Pacific, the UN Economic Commission for Europe, IRENA, and the IEA.
In her speech, Mashat emphasized the importance of joint efforts to promote sustainable energy solutions and enhance climate adaptation capacity, stressing that innovations, inclusiveness, and urgent action are needed to meet the goals of the Paris Agreement and COP28’s energy commitments.
Mashat highlighted that while the world is on the right track to increase energy investments, some regions are at risk of falling behind due to a lack of investment and international support. She pointed out that the Global South, which accounts for 65% of the world’s population, receives less than 15% of global clean energy investments. This gap means these regions will struggle to attract the necessary funding for an efficient transition.
Mashat also noted that challenges are particularly urgent in Sub-Saharan Africa, where annual investment in renewable energy and expanding networks was around $20 billion in 2023—about one-fifth of the required $100 billion per year needed between 2024 and 2030. Clean energy investments are primarily concentrated in advanced economies and China, creating an investment gap that hinders growth in developing countries.
Mashat also participated in a discussion organized by the German Agency for International Cooperation (GIZ), in collaboration with the NDC Partnership and the the World Resources Institute (WRI).
The session launched the world’s first global initiative focused on preparing the workforce for the green and just transition and accelerating green skills development by promoting public-private partnerships to discuss how to increase investments in jobs and skills to create a future that fosters the green transition and supports a just transition.
Mashat explained that expanding investments in clean energy in emerging markets drives economic development and creates more job opportunities. The green transition, she noted, is creating millions of new jobs while redirecting the labor market to new sectors, which will require different skills from the workforce.
The minister also highlighted that the transition to a zero-emission economy will create new industries worth $10.3 trillion in the global economy by 2050, according to international reports. Furthermore, clean energy measures are expected to create 18 million jobs worldwide by 2030, according to the International Labor Organization (ILO).
Mashat emphasized that such initiatives would provide workers with the necessary skills through education and vocational training to prepare the workforce for green jobs.
Mashat also participated in a session organized by the International Monetary Fund (IMF) titled “Bridging the Adaptation Financing Gap: Challenges and Potential Opportunities.” The session also featured Tracy Kajumba from the International Institute for Environment and Development, Bo Li from the IMF, Lisa Schipper from Bonn University, and Andrew Steer, CEO of the Bezos Earth Fund.
She underscored the importance of contributing to climate adaptation finance projects. Mashat explained that while funding for adaptation has increased, it still accounts for only 20-30% of the annual adaptation finance needs, which are expected to reach $215–387 billion annually in developing countries by 2030.
Mashat cited reports from the World Bank on climate and development, emphasizing that reducing climate impacts and building resilience requires more development projects, strengthening more resilient development, and expanding adaptation projects.
She stressed the need to expand climate adaptation finance tools, including disaster risk tools to provide quick liquidity and reduce debt burdens following climate-related disasters.
The minister also called for expanding incentive-based tools to leverage private capital and results-based mechanisms to ensure resources are directed toward projects with tangible outcomes.
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