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Access to Money is One of the Major Barriers to Climate Change Plans: Minister of International Cooperation, Egypt

Published on: 27 June 2022 05:52 PM
by KnowESG
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Given the great worldwide interest in climate action, Minister of International Cooperation Rania Al-Mashat stated that access to money is one of the primary impediments to implementing climate action plans.

She emphasised the critical need for creative funding instruments to fulfil sustainable development targets, boost adaption programmes, and mitigate climate change's effects.

The minister also discussed Egypt's commitment to transitioning to a green economy and the successive steps being taken in this regard, including the launch of the 2050 National Climate Change Strategy and the compilation of a list of projects in the areas of adaptation and mitigation of the consequences of climate change to promote it among development partners and investors on a global scale.

This is being done in a manner that enhances the resilience of the Egyptian economy and supports its orientation towards reducing emissions and green transformation concurrently with preparations for the UN Conference of Parties on Climate Change (COP 27) that will be held in Sharm El-Sheikh this November, which represents an excellent opportunity to showcase the ambitions of Egypt and Africa and mobilise international support for the implementation of these plans.

Al-Mashat made these statements during her keynote address at the opening of a new series of seminars on the transition to net-zero hosted by HSBC Egypt. The dedication of Egypt to combating climate change was the emphasis of her keynote presentation.

Todd Wilcox, HSBC Egypt CEO and Deputy Chairperson said: 

"HSBC is committed to helping lead the transition to a global net-zero carbon economy, and with the approaching COP 27and the ambition of the Egyptian government’s 2030 Vision, it is clear that our clients are looking for more support and insight to help them plan their net-zero journeys."

The new series of seminars will focus on the role of the financial industry in assisting the transition to net-zero, the rise of sustainable investing, and the incorporation of sustainability into business growth strategies.

The series is part of HSBC's larger commitment to mobilise the transition to a net-zero economy, not just by financing it but also by shaping and influencing the global agenda.

Stephen Moss, Regional Chief Executive of HSBC in the Middle East, North Africa, and Turkey, said: 

"Leading the transition to net-zero is a pillar of our ambitions and strategy globally, so we’re mobilising finance to support our customers’ transitions, accelerating innovation to help scale up climate change solutions, and building global partnerships to ensure investment is swiftly channelled towards truly sustainable projects."

More than 130 HSBC clients attended the inaugural event, which highlighted the role of the private sector in creating a more sustainable and prosperous future for Egypt.

“We are committed to working with our customers across Egypt, who are all at different stages of their sustainability journey. We are supporting them in articulating the challenge, understanding the solutions, and then working with them as partners to make change happen,” Wilcox said.

Source: Daily News Egypt

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