Egypt’s Al-Mashat pushes for clean energy investment in Global South – Dailynewsegypt
Rania Al-Mashat, Egypt’s Minister of Planning, Economic Development, and International Cooperation, participated in a meeting of the World Economic Forum’s (WEF) Network to Mobilize Investment for Clean Energy in the Global South, highlighting the importance of boosting clean energy investments in developing countries.
The meeting, which included WEF officials and Samaila Zubairu, CEO of the African Finance Corporation, discussed developments since the network’s launch in January at the Davos Forum. The discussion also focused on strategies to encourage clean energy investments and the preparation of a comprehensive guide for successful renewable energy solutions and practices. This guide will be reviewed at the Energy Ministers’ meeting in Brazil this October.
The network, which includes representatives from various governments, international institutions, and development partners, aims to increase clean energy investments by more than sevenfold over the next decade to align global efforts against climate change.
It seeks to:
- Quantify and raise awareness about the amount of financing needed to accelerate the energy transition
- Exchange best practices and lessons learned to increase clean energy finance and create conducive conditions for investment
- Develop practical policy and non-policy solutions to accelerate the financing of countries’ energy transition
The meeting addressed the growing pressures on global clean energy investments amid the reduced availability of concessional financing for developing and emerging countries.
The network is working to enhance these investments by building on the “Sharm El-Sheikh Guidebook for Just Financing” to produce a guide for innovative solutions in clean energy investments, featuring 100 case studies from emerging economies. This guidebook aims to foster knowledge exchange among countries and support private sector and international institution investors in decision-making.
Al-Mashat emphasized the importance of the network in enhancing efforts to increase investments in renewable energy. She highlighted that the digital guide, which will include 100 successful clean energy investment models from various emerging and developing economies, will boost knowledge exchange and replication of successful practices.
Al-Mashat also noted the exploration of synergies between the upcoming guide and the “Sharm El-Sheikh Guidebook for Just Financing,” launched as a presidential initiative in Egypt’s Sharm El-Sheikh at COP27, aimed at promoting just climate financing through 12 key principles. These principles serve as a framework for stimulating partnerships between all relevant parties, particularly the public and private sectors, to drive the transition to a sustainable green economy.
Egypt’s Experience
Al-Mashat pointed out Egypt’s innovative experience with the launch of the country platform for the “NWFE” program, which serves as a model for climate investment mobilization efforts. The Ministry successfully applied just financing principles and innovative mechanisms in the “energy” sector of the program to stimulate investment and attract private sector funding.
Additionally, a recent workshop was held with the Tanzanian government to exchange experiences and knowledge on platform establishment and project formulation within South-South cooperation efforts. Egypt’s leadership of the New Partnership for Africa’s Development (NEPAD) also offers opportunities to enhance cooperation with African countries, stimulating clean energy investment and knowledge exchange.
During the meeting, Justine Roche, Lead of the WEF’s Energy Initiatives, presented developments in the network, which now includes 49 members: 14 countries and 35 civil society organizations and major private sector institutions such as JPMorgan, the International Renewable Energy Agency, and Standard Chartered.
Al-Mashat also outlined efforts to prepare a comprehensive guide of solutions, successful policy models, risk reduction tools, and investment mobilization mechanisms for expanding clean and renewable energy.