$30 trln in additional investments required to achieve net zero in 8 hard-to-abate sectors
The Net Zero Industry Tracker 2024 estimates that $30 trillion in additional capital will be required across ...
UK’s ‘Climate Finance Accelerator’ Program to be expanded to Egypt
COP President Alok Sharma announced the expansion of the UK Government’s ‘Climate Finance Accelerator’ Program to Egypt.
Already successfully operating in six countries, the initiative will provide capacity-building support to promising climate projects in Egypt so that they become more bankable and appealing to investors, and can secure funding more readily.
During his recent visit to Egypt, Sharma discussed the role of the private sector in building on COP26 to achieve success at COP27, meeting with business leaders pursuing green initiatives in Egypt.
COP President Alok Sharma said “COP26 was a historic, collective achievement. We kept the goal of limiting average global temperature rise to 1.5 degrees in reach and made progress on finance for climate action, adaptation and loss and damage, which will benefit countries across both Africa and the MENA region.”
“I look forward to working with Egypt and UAE as hosts of COP27 and COP28 respectively on the climate agenda. The UK will give its full support to Egypt in delivering an ambitious COP this November which ensures urgently delivering for those most vulnerable to climate change.”
“We all need to make further progress in 2022 and especially on delivering the $100 billion of finance and addressing investment needs in the most climate vulnerable countries. This will build on the Glasgow Climate Pact and secure a better future for us all,” he said.
An important focus for COP27 and COP28 will be the completion of the first Global Stocktake. This will be a key part of assessing progress made by nations in implementing the Paris Agreement and setting out a clear roadmap towards achieving it. This formally began at COP26 and will conclude at COP28
The UK is keen to share experiences of hosting a large international summit with Egypt and the UAE and the COP President has highlighted the COVID-19 testing procedures for providing a safe experience for all delegates at the recent COP26 gathering and collaboration with civil society.
Hosting the next two COPs in the Middle East and North Africa will enable the region to showcase to the world their innovative and profitable solutions which include renewable and low carbon energy, zero emissions transport, the role of nature based solutions and the role of smart agriculture.
For example, the UAE continues to break records by reducing the costs of solar energy year after year and is delivering energy security through nuclear energy, all of which makes clean energy a more affordable option than fossil fuels.
British Ambassador to Egypt, Gareth Bayley said “I am delighted that Mr Sharma has visited Egypt so soon after COP26. The strong bilateral relationship between the UK and Egypt will help sustain global momentum on climate change. I am particularly pleased that Mr Sharma launched our ‘Climate Finance Accelerator’ program, which I hope will generate a series of inspiring low carbon investment opportunities in Egypt. It is this combination of public and private sector action which will help us avert a climate disaster.”
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