Climate changeNews

A Coordination Meeting with the EBRD,& EU Was Held on Mobilizing Financing for the NWFE Program

Pledges from the international community are needed to provide various financing mechanisms, including blended finance to stimulate private sector engagement in the NWFE Program

● H.E. Dr. Rania A. Al-Mashat said that the NWFE Program, the nexus of water, food and energy is a platform to mobilize finance including blended finance, to stimulate private sector investments.

● The NWFE Program is a national alternative to the G7 platforms for a green transformation.

● President of EBRD Odile Renaud Basso said that the NWFE Program is a promising platform and strong initiative that reflects Egypt’s commitment towards renewable energy and the green transition.

● John Kerry, U.S. The Special Presidential Envoy for Climate said that the NWFE Program is a priority for the USA, as it sets an example for countries in the region in their commitment to climate action.

● Representative of the European Commission said that the NWFE Program shows the progress achieved by Egypt in climate action, and that the EU supports the program and its efforts to stimulate private sector participation.

The Minister of International Cooperation H.E. Dr. Rania A. Al-Mashat and President of the European Bank for Reconstruction and Development (EBRD) Odile Renaud Basso held a coordination meeting with multilateral and bilateral development partners and international institutions on the country platform for the NWFE Program’s energy pillar. They discussed the expected financial pledges that will be announced during COP27, including the mobilized financing, technical support grants, and blended finance to stimulate private sector participation.

The meeting saw the participation of EBRD’s President Odile Renaud Basso, John Kerry, U.S. The Special Presidential Envoy for Climate, the Netherlands Ministry of Foreign Trade and Development Cooperation, the Norwegian Ministry of Climate and Environment, and the COP26 President Alok Sharma, the French Ambassador in Cairo, a representative from the French Ministry of Economics and Finance, and a representative of the German Foreign Ministry.

During the meeting, Al-Mashat thanked the EBRD’s work team for playing the role of the main development partner and coordinator regarding the participation of development partners in financing the energy pillar within Egypt’s Country Platform for the NWFE Program.

The Minister explained that the NWFE Program was prepared under the umbrella of the 2050 National Climate Change Strategy and the Nationally Determined Contributions (NDC) in order to enhance efforts to achieve inclusive and sustainable growth, achieving a low-carbon development and developing resilience and adaptability to climate change. The energy pillar within the program enhances the country’s transformation towards working with renewable energy and reducing harmful carbon emissions through mitigation and adaptation efforts to climate change, explaining that the program is a platform for mobilizing development financing, granting technical support and stimulating blended finance mechanisms to the private sector in support of green transformation efforts in the country. It is an alternative to the G7 platforms that aim to support green transformation in the most polluting countries.

Al-Mashat said that the COP27 will witness the culmination of the efforts made over the past period by all development partners in cooperation with the Government of Egypt to support green transformation efforts, establishing a new stage of joint work moving from pledges to implementation.

The Minister added that the country platform for the NWFE program was launched after an in-depth study of the national platforms launched for climate action, putting together an integrated national platform for Egypt that is well-studied and economically feasible with a clear commitment to the green transformation, encompassing private sector participation through blended financing and de-risking mechanisms. The program also includes a support mechanism and technical assistance to qualify the target projects and raise their technical efficiency, in addition to a clear map of the contributions of development partners in each project to complete the contractual framework and partnerships for the implementation of the projects.

The EBRD President applauded the efforts of the Government of Egypt and the Ministry of International Cooperation in launching the NWFE Program, reflecting its commitment to the green transformation and expansion of renewable energy projects, which sets clear policies for climate action in Egypt. “We believe the NWFE Program is a promising platform and government initiative that enhances the country’s expansion in renewable energy, reflecting Egypt’s commitment towards a green transformation. The EBRD is committed to supporting the program through development financing, grants and blended finance.”

Moreover, John Kerry, U.S. The Special Presidential Envoy for Climate said that the NWFE Program is a major priority for the USA and Egypt, through its presidency of COP27, setting a great example for countries in the region to commit to climate action, reinforcing the move towards a green transition. “We are pleased to be part of the efforts to reduce emissions in Egypt,” Kerry continued.

Olivér Várhelyi, a representative from the European Commission, also applauded the NWFE Program, saying it reflects the country’s commitment and reliability in climate action efforts, and the progress made to date. “We will strengthen these efforts by providing financing and also stimulating the private sector engagement, and we will work to enhance food and energy security efforts,” he stressed.

For their part, representatives of the German government said that the NWFE program is an important platform for us, and will be a successful model for a fair transition and green transformation. They confirmed their support in the efforts made with partners from countries, international institutions and the EBRD to reduce carbon emissions and stimulate climate action. They emphasized that they will provide technical support and financing tools to stimulate adaptation and mitigation efforts. Moreover, they added that the NWFE program is a very important model to support climate action that can be applied in African countries.

In the same context, Marc Baretti, the French ambassador in Cairo, described the NWFE Program as a much-needed initiative, confirming the Government of Egypt’s keenness to move forward with efforts for green transformation. In light of the strategic partnership with the country, Baretti emphasized that they would work to stimulate implementation efforts through bended finance and technical support.

In the same context, representatives of the Dutch, German and British governments confirmed their support for national efforts in light of the green transition, the just transition and the promotion of climate action through the NWFE Program.

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