The climate finance acceleration initiative is already having an impact in many regions of Africa and the rest of the world, according to Gareth Bailey, the British ambassador to Egypt. He also said that climate financing is one of the primary priorities of the climate conference (COP-27).
This occurred during a ceremony held by the British Embassy in Cairo yesterday night to highlight the expanding green partnership between the UK and Egypt. The ceremony was titled “One Month to the COP27 Climate Conference.”
The ambassador expressed his happiness that Egypt is now a part of this novel strategy to aid low-carbon projects in securing investment, and he specifically expressed his pride for signing a memorandum of understanding between the African Development Agency and the Financial Supervisory Authority to assist in making the Egyptian financial sector more sustainable. The ambassador emphasised that these accomplishments Show the true strength of the expanding green partnership between the UK and Egypt.
Egyptian British Climate Acceleration Program
The British Climate Finance Accelerator is a new initiative that will assist low-carbon enterprises in getting the funding they require, and this event serves as its official introduction in Egypt. It is initially searching for roughly 10 projects in Egypt that are in the planning stages and is asking for an investment of at least $1 million. Additionally, it seeks to increase Egypt’s access to green or climate finance.
The African Development Agency, a nonprofit supported by the UK government, and the Financial Supervisory Authority also signed a memorandum of agreement during the ceremony to help Egypt’s financial system become more sustainable. The Financial Supervisory Authority’s Chairman of the Board of Directors is Mohamed Farid.
In a keynote address delivered over the phone, Environment Minister Yasmine Fouad emphasised the significance of the Climate Finance Acceleration Program as a fundamental and essential vehicle for climate finance. Rania Al-Mashat, the minister of international cooperation, applauded the beginning of the Climate Finance Acceleration Program in Egypt to address one of the major concerns of the COP27 climate conference: climate finance, in a recorded message.
In contrast, Dr.
The world is anticipating the adoption and implementation of executive action plans and policies to address climate issues, according to Mohamed Farid, Chairman of the Egyptian Financial Supervisory Authority. He added that Egypt, through the World Summit, will work to turn pledges into action plans that can be implemented to reduce emissions, encourage adaptation, and ensure that financial institutions are compliant with the law.
British Embassy in Egypt statement
Today, Wednesday, according to a statement from the British Embassy in Egypt, “under this memorandum, both organisations will cooperate directly with local insurance businesses and pension funds to support the integration of environmental, social, and governance concerns into their strategy and operations. Additionally, the Authority and the Africa Development Agency will collaborate to teach a course.
“Climate Finance Leaders in Africa” will assist regional actors in gaining access to climate finance funds and in raising money to finance climate change projects across the entire continent of North Africa.
According to the British Embassy, a number of professionals will support these projects in order to hasten their development and increase their prospects of receiving the funding they require.
At the conclusion of the event, Ruth Cox, deputy director of the British Council, announced the creation of seven new creative committees as part of the “Climate Connectivity” initiative. This initiative is focused on involving youth, enhancing ties between the UK and Egypt, and fostering innovative responses to climate change through dialogue.
She expressed her pride in the accomplishments made under the Climate Communication Program for Egypt since the 150-day ceremony at the Summit Climate COP27 held months ago and also announced the launch of a new global programme to create the largest global network of UK alumni around the world and assist them in connecting with one another, developing their careers, and looking for new opportunities.
One of the primary demands of “COP 27” is an acceleration programme for climate finance, according to the British ambassador to Cairo.
About Author
