Egypt is prioritizing climate finance to aid developing countries in adapting to climate change at the COP29 Climate Summit in Baku, Azerbaijan (November 11-22, 2024). The conference, themed “Investing in a Livable Planet for All”, emphasizes the importance of funding for vulnerable communities.
Prime Minister Mustafa Madbouli leads Egypt’s delegation, with Environment Minister Yasmine Fouad co-chairing finance consultations. Fouad stressed that adaptation is crucial for developing nations, particularly in Africa, where climate impacts could cost economies 5% of GDP annually. She highlighted the need for developed nations to fulfill financial commitments under the Paris Agreement, as UNEP estimates annual adaptation costs for developing nations at $360 billion by 2030.
Special Envoy Mahmoud Mohieldin called for $1-1.3 trillion annually in climate finance, with half from public funding and the rest from private investments. Egypt also promotes green investment domestically, with initiatives like its “Green Sustainable Industry” program offering loans and grants to small and medium enterprises (SMEs) for environmental compliance.
The summit aims to close the climate finance gap, secure higher funding commitments, and advance projects in renewable energy, biotechnology, and sustainable technologies.
