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Thursday, 8 September 2022

EBRD could commit USD 1.3 bn to Egypt clean energy projects

There was a whole lot of climate and green energy news coming out of Egypt yesterday as climate negotiators from around the world landed in Cairo for the opening day of the Egypt-International Cooperation Forum (Egypt-ICF). Officials from more than 20 African nations, global policymakers, international financial institutions and climate experts are gathering at the Almasa Convention Center in the new administrative capital to discuss climate action, the green transition, food security, and finance ahead of COP27 in November.

We have details below and a full report in this morning’s issue of Enterprise Climate if you want to go deeper.

HIGHLIGHTS FROM DAY 1-

Egypt could land funding worth up to USD 1.3 bn from the EBRD: The European Bank for Reconstruction and Development (EBRD) is ready to provide as much as USD 1.3 bn in funding to support clean energy projects in Egypt, President Odile Renaud-Basso said yesterday. Renaud-Basso pledged to invest USD 1 bn in renewable energy projects and provide a further USD 200-300 mn to fund the energy pillar of the government’s Nexus on Water, Food and Energy (NWFE) program.

More in the pipeline? Renaud-Basso also discussed “further cooperation” on Egypt’s green projects with President Abdel Fattah El Sisi, according to a statement from the office of president.

US climate envoy John Kerry gave the NWFE program the thumb’s up — and hinted at more funding. “This has the potential to attract bns in investments from donor governments, philanthropy, development finance institutions and the private sector — it’s exactly the kind of innovative thinking we need,” he said at the forum.

El Sisi called on rich nations to do more: President Abdel Fattah El Sisi said that developed countries with higher emissions are more responsible for climate change and should provide more financial support to poorer nations. “Only 20 countries are responsible for about 80% of the effects of climate change. I think it is fair and objective that these nations that bear the largest responsibility significantly contribute to supporting developing countries,” the president said at the forum. “We need a comprehensive vision to support African nations in their effort to adjust to climate change.”

New Africa climate finance initiative launched: The Glasgow Financial Alliance for Net Zero (GFANZ) launched a new initiative to attract investment into climate projects in Africa. Announced by GFANZ co-chairman and UN climate envoy Mark Carney at the forum yesterday, the Africa Network will work with African financial institutions, policymakers and regulators to improve access to climate finance on the continent.

Some very smart Egyptians on are board: Egypt’s climate czar Mahmoud Mohieldin will chair the network’s advisory board, while Financial Regulatory Authority chief Mohamed Farid will be vice chair. Our friend CIB CEO Hussein Abaza is on the board.

Kerry described the fight against climate change as “existential” and “about the very future of our civilization,” in an address to the gathering. He also struck a note of optimism, expressing hope that COP27 “can provide the energy we need to change the world," AFP quoted him as saying.

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