Ashraf AboArafe
H.E. President Abdel Fattah Al Sisi,
Your Excellencies, Ministers and Head of Delegation,
Special Envoy John Kerry,
Senior leaders of the United Nations and development organisations, partners and friends from the private sector and civil society, Ladies and Gentlemen,
I wish to thank President Al Sisi and the Government of Egypt for bringing us together with ECA and particular Ministers of Finance before COP27, with a clear message:
It’s time for implementation at scale and with a sense of urgency.
I would like to applaud the leadership of Minister of Foreign Affairs H.E. Mr. Sameh Shoukry for setting ambition for COP27.
We are meeting as many parts of the world are simultaneously facing the fury of climate change and a cost-of-living crisis.
Lives and livelihoods are being destroyed.
Climate action is stalling.
The Sustainable Development Goals are on life support.
International solidarity is on vacation.
Today, we must go beyond statements and action concrete and viable initiatives, with clear pathways to investments.
Developing countries need to know which financial instruments are effectively available to support their transition to sustainable and climate-resilient economies.
Developed countries must deliver on the 100 Billion US Dollars annual commitment and make up for the years of falling short.
This is key to restoring trust – between countries and in the multilateral system, making good on the handshake for solidarity.
It is also a much-needed step towards a more ambitious post-2025 climate finance goal.
The needs are immense.
In Africa alone, more than 500 billion US Dollars will be required to achieve universal energy access by 2030.
By then, the climate finance adaptation gap for the continent may reach $440 billion.
The Secretary-General has repeatedly called to increase and allocate half of climate finance to adaptation.
The Glasgow decision urges developed countries to collectively double adaptation finance levels to $40 billion.
But we still need a clear roadmap on how this will be delivered by COP27.
Dear colleagues,
We also need to change the way we operate.
Financial institutions must work directly with you and other partners that know the situation in every country.
We need to localize climate solutions and investments at the grassroots level within the holistic framework of the Sustainable Development Goals.
In this regard, I am encouraged by the efforts made by Egypt in terms of the National Initiative for Green and Smart Projects at the Governorates, which aims to produce a localized investment map for Egypt.
Climate-resilient investments must become the new normal, strengthening the delivery of the SDG’s.
I welcome the ‘NWFE Country Platform’ that is being presented today by the Government of Egypt and its partners.
We also welcome the leadership of Minister of International Cooperation H.E. Ms. Rania A. Al-Mashat who is mobilizing the international community to get behind a pipeline of programmes and projects that will make life different and achieve the SDG’s.
The platform puts Egypt’s 2050 Country Climate Strategy in implementation mode for accelerating the transition to a climate resilient net zero future during this decade.
Through coordination – both the country level and among international partners – we can deliver development outcomes at the pace and scale required. The UN system stands ready to accompany Egypt and support the implementation of NWFE.
The same type of innovative cooperation is needed to ensure that the Congo Forest Basin, an invaluable carbon sink, and its populations are protected and continue to provide the much needed ecosystem services.
This is also the spirit of our Adaptation Pipeline Accelerator: to demonstrate that collaboration on the ground minimises duplication and puts countries in the driving seat.
For developing countries, the cost of adaptation is five to ten times greater than the financial support they can count on.
International financial institutions and development banks must step up to the challenge of implementation.
That means supplying much needed adaptation finance, simplifying the procedures to ease access, and ensuring fast delivery.
At the same time, we must also foster investment opportunities that will attract financing from the private sector across the globe and build resilience.
The COP-27 Presidency, the UN Climate Champions and the United Nations Economic Commission for Africa are working tirelessly to identify projects with huge potential for private investment.
But we must go beyond selected projects.
We must urgently reform Multilateral development banks to take into account climate risk and fully support green transition in developing countries.
Shareholders must steer a structural transformation of the financing architecture.
Excellencies,
Developing countries cannot make urgent investments on climate action and SDGs without the necessary fiscal space.
This means urgently tackling debt.
In a context of COVID-19 and global instability, 15 African countries are at risk of external and public debt distress and 6 are already facing debt distress.
African countries are scheduled to pay 64 billion US Dollars in debt repayments in 2022 – twice the amount available as bilateral aid.
While some countries will need comprehensive assistance to restructure their debt, we must improve the multilateral framework for debt for climate adaptation swaps.
I am encouraged to see that a sustainable debt hub during this forum will provide a link between debt issuances and key performance indicators addressing climate resilience.
Finally, sustainable investment and climate finance at pace and scale requires private investment. We need a well-functioning and transparent carbon market that matches the scale of the climate challenge and provides valuable financing opportunities for developing countries.
I hope that tomorrow’s roundtable on just financing [‘From Glasgow To Sharm El Sheikh: A Guidebook For Just Financing’] will provide some practical guidance on unlocking the trillions held by private investors.
Affordable and reliable investment from the private sector also requires de-risking investments in those countries which are most vulnerable.
Excellencies, ladies and gentlemen,
Effective implementation depends on all of us in this room.
Future generations will not remember today’s speeches.
But they will remember our actions.
Let us rise to the occasion, and together, build a resilient and sustainable future, leaving absolutely no one behind.
Thank you.
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