{"id":80156,"date":"2022-09-07T23:30:48","date_gmt":"2022-09-07T21:30:48","guid":{"rendered":"https:\/\/www.csregypt.com\/?p=80156"},"modified":"2022-09-08T00:58:04","modified_gmt":"2022-09-07T22:58:04","slug":"kerry-egypts-identification-of-key-climate-investment-areas-to-attract-billions-of-investments","status":"publish","type":"post","link":"https:\/\/csregypt.com\/en\/kerry-egypts-identification-of-key-climate-investment-areas-to-attract-billions-of-investments\/","title":{"rendered":"Kerry: Egypt\u2019s identification of key climate investment areas to attract billions of investments"},"content":{"rendered":"

US Special Presidential Envoy for Climate John Kerry said Egypt is identifying priority climate investment areas and working with partners to develop bankable programs. In total, this has the potential to attract billions in investments from donor governments, philanthropy, development finance institutions, and the private sector \u2013 it\u2019s exactly the kind of innovative thinking which is needed in the current stage.<\/p>\n

Addressing \u00a0the Egypt- International Cooperation Forum (Egypt-ICF) on Wednesday, he said \u201cI know Egypt is often referred to as \u201cMother of the World,\u201d the place that established much of our early civilization. Now, as we approach COP27<\/a> in Sharm el-Sheikh, you have a chance to be the nation that helps rescue civilization and to protect it for many generations to come.\u201d<\/p>\n

\u201cWe must do everything in our power to give life to the Glasgow Climate Pact<\/a>,\u201d he underlined.<\/p>\n

\u201cAs you put it in Egypt, this will be an \u201cImplementation COP\u201d \u2014 and, as I have described it, we need to pursue an \u201cImplementation\u2026Plus\u201d approach,\u201d Kerry said.<\/p>\n

\u201cI am honored to be hosted here by President al-Sisi, who has demonstrated critical leadership in mobilizing international climate action and accelerating the clean energy transition,\u201d Kerry said.<\/p>\n

\u201cThank you also to the entire Government of Egypt, not just for inviting me back a second time this year, but for sharing our urgent climate message in countries and meetings around the world \u2013 at COP26, at the One Ocean conference in France, at the UN Ocean Conference in Lisbon, just to name a few,\u201d Kerry added.<\/p>\n

\u201cIn addition to financing solar and wind farms and retiring coal plants, we also need capital to invest in innovation to scale and bring the next generation of technologies to market,\u201d he said.<\/p>\n

\u201cThat\u2019s why we were pleased to see Mark Carney and so many other leaders in finance step up through the Glasgow Financial Alliance for Net Zero. \u00a0 GFANZ represents some $130 trillion in assets and are prepared to align their capital with this transition \u2013 at the speed and scale we need,\u201d added.<\/p>\n

\u201cAnd to deploy that money, governments are going to need to continue to work hand in hand to put together blended finance and de-risk those investments,\u201d he said.<\/p>\n

\u201cThat is the kind of leadership and ambition we need \u2014 in the United States, Egypt, and around the world,\u201d Kerry highlighted.<\/p>\n

\u201cIt is a big agenda, my friends, with success measured not just this year, at COP27, but beyond \u2013 and ultimately, in whether we do achieve for future generations a safe, stable, clean planet,\u201d he said.<\/p>\n

\u201cEgypt understands both the devastating costs of inaction \u2014 especially to critical parts of this nation like the Nile River Delta \u2014 as well as the enormous opportunities \u2014 in better health, less pollution, and economic development \u2014 of acting,\u201d he explained.<\/p>\n

\u201cIt will be a tall task. But I know we can win this fight,\u201d he added.<\/p>\n

\u201cIt is rare in public life to be able to make decisions that impact not just our own nations, but the fate of the planet for generations to come. Fortunately, that is nothing new for Egypt since you began our history as a civilization thousands of years ago. Today, we have a chance to build on that legacy, and make a new one of our own,\u201d he said.<\/p>\n

\u201cNow, let me turn to the incredibly important issue of finance,\u201d he said, noting \u201cFirst, we remain strongly committed to the goal of mobilizing $100 billion annually for developing country mitigation and adaptation. President Biden has requested $11 billion for climate finance in his budget request to Congress for the next fiscal year. The United States will do our part to meet the $100 billion goal.\u201d<\/p>\n

\u201cSecond, we need to work with governments and the private sector to mobilize\u00a0trillions<\/em>\u00a0of dollars to accelerate the net-zero transition as well as to advance climate resilience. It is going to take all of us, and that is why I am happy to be here in Egypt today, as you exercise your global leadership to bring together investors, multilateral development banks, philanthropists, and government to take bold action,\u201d he added.<\/p>\n

\u201cHere\u2019s the bottom line: the IEA tells us we need to invest $4 trillion, every year, in this transition. No government on earth can fully fund that level of investment \u2013 we can only get there with the full participation of the private sector,\u201d he said.<\/p>\n

\u201cIn 2021, only about $755 billion was invested globally in the energy transition; that was a record, but only one-third of what we need to meet our 2030 goals,\u201d he asserted.<\/p>\n

\u201cWe need public dollars and development finance to catalyze private investment in clean and climate resilient technologies,\u201dKerry accentuated.<\/p>\n","protected":false},"excerpt":{"rendered":"

US Special Presidential Envoy for Climate John Kerry said Egypt is identifying priority climate investment areas and working with partners to develop bankable programs. In total, this has the potential to attract billions in investments from donor governments, philanthropy, development finance institutions, and the private sector \u2013 it\u2019s exactly the kind of innovative thinking which […]<\/p>\n","protected":false},"author":410,"featured_media":80168,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6262,984,6030],"tags":[],"yoast_head":"\nKerry: Egypt\u2019s identification of key climate investment areas to attract billions of investments - Csr Egypt<\/title>\n<meta name=\"description\" content=\"Kerry said Egypt is identifying priority climate investment areas and working with partners to develop bankable programs. 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