Prime Minister Dr. Moustafa Madbouli left Cairo International Airport on Monday evening 11-11-2024, accompanied by Dr. Yasmine Fouad, Minister of Environment, heading to the Azerbaijani capital, Baku, to participate, on behalf of President Abdel Fattah El-Sisi, President of the Republic, in the activities of the twenty-ninth session of the Conference of the Parties to the United Nations Framework Convention on Climate Change COP29, held during the period from November 11 to 22, 2024, under the theme "In Solidarity for a Green World."

This conference presents a crucial opportunity to accelerate climate action, gathering government leaders, business figures, and civil society to seek concrete solutions for this era-defining challenge.

This year’s conference is heavily focused on climate finance. Trillions of dollars are needed to significantly reduce greenhouse gas emissions and protect lives and livelihoods from the escalating impacts of climate change.

The conference also marks a key moment for countries to present their updated national climate action plans under the Paris Agreement, due by early 2025.

The conference will feature 12 days of workshops, discussions, and thematic sessions. Highlights include the World Leaders Climate Action Summit on November 12-13, and dedicated days for finance, energy, technology, human capital, and biodiversity.

Dr. Mostafa Madbouly will participate in the high-level segment of the conference over the course of November 12 and 13, 2024.

This session focuses on finalizing the NCQG, designed to assist developing nations in combating climate change, aims to offer a more ambitious and practical financial structure following the $100 billion annual climate finance commitment set for 2020

Prime Minister Dr. Moustafa Madbouli will deliver a speech, on behalf of President Abdel Fattah El-Sisi, President of the Republic, as part of the specific program of general speeches to be delivered by world leaders and heads of government who will attend the COP29 Climate Summit.

According to his agenda at the summit, the Prime Minister will participate with a number of leaders and heads of government in round tables on various topics related to climate action such as mitigation, adaptation, and climate finance.

Also, Prof. Dr. Ahmed Al-Tayeb, the Grand Imam of Al-Azhar and Chairman of the Muslim Council of Elders, will participate in the opening of the 29th Conference of the Parties (COP29).

This historic appearance marks the first time in COP history that the Grand Imam of Al-Azhar has been invited, following an official invitation extended by His Excellency Ilham Aliyev, President of the Republic of Azerbaijan, during his meeting with the Grand Imam at Al-Azhar headquarters in Cairo in June.

The Grand Imam is scheduled to deliver an address outlining Islam’s perspective on environmental preservation and the climate change crisis. His speech will explore ways to harness the influence of religious values and reinforce the role of religious leaders in raising awareness of this urgent issue and in promoting viable solutions to this critical threat to life on Earth.

Activities

11-11-2024

Prime Minister Dr. Moustafa Madboul arrived in Baku, Azerbaijan, on Monday 11-11-2024, to attend the 29th international climate summit (COP29) on behalf of President Abdel Fattah El Sisi.

Upon arrival at Heydar Aliyev International Airport in the Azerbaijani capital, Baku, the Prime Minister, accompanied by Dr. Yasmine Fouad, Minister of Environment, was received by Mr. Vuqar Mustafayev, Minister of Defense Industry of Azerbaijan, and Ambassador Hesham Nagi, Ambassador of Egypt to Azerbaijan.

12-11-2024

The Opening Session

Prime Minister Dr. Mostafa Madbouly participated in the opening session of the high-level sessions of the Climate Summit, held within United Nations Climate Change Conference taking place in Baku, Azerbaijan from 11 to 22 November 2024, on behalf of His Excellency President Abdel Fattah El-Sisi, President of the Republic.

Upon his arrival at the summit venue, the Prime Minister was received by Mr. Antonio Guterres, Secretary-General of the United Nations, and Mr. President Ilham Aliyev, President of the Republic of Azerbaijan. The Secretary-General of the United Nations and the President of Azerbaijan welcomed the participation of the Egyptian state in this important event, in which leaders and heads of governments from about 200 countries meet to discuss how to limit global warming and its devastating consequences.

Prime Minister Moustafa Madbouli participated in a roundtable on energy and climate change mitigation at the United Nations Framework Convention on Climate Change’s 29th Conference of the Parties (COP29).

Madbouli outlined the country’s ambitious climate goals and called for enhanced international support to achieve its energy transition, emphasizing Egypt’s target of 42% renewable energy in its energy mix by 2030. 

He detailed Egypt’s efforts to create a favorable environment for renewable energy investment, including a preferential feed-in tariff that attracted private investors, and a subsidy reform program that has enhanced the competitiveness of clean energy. Moving forward, Egypt has adopted a bidding system for renewable energy projects to continue private-sector involvement.

Madbouli warned that insufficient international financial and technical support is hindering Egypt’s ability to upgrade its energy infrastructure and meet its climate targets. He stressed that without increased backing, Egypt’s Nationally Determined Contributions (NDCs) could be at risk. 

Madbouli also underscored the significance of COP29 in helping developing countries close the gap between their climate needs and the global support mobilized for them, urging a stronger commitment to a New Quantitative Collective Goal (NCGQ) to ensure the success of climate efforts globally. He called the first Global Stocktake a critical opportunity to boost ambition and align international efforts with the realities of developing nations.

Prime Minister Moustafa Madbouli met with his Azeri counterpart Ali Asadov on the sidelines of the COP29.

Madbouli hailed the warm welcome he received in Azerbaijan and the level of cooperation and relations between the two sides.

Madbouli said that Egypt looks forward to increasing investment and trade exchange with Azerbaijan.

He added that the Egyptian government also seeks to activate joint co-operation in many domains topped by energy, transport and the pharmaceutical industry through the exchange of visits between businessmen to explore economic, trade and investment areas. 

He pointed out that the Egyptian-Azeri joint committee will convene in Q-1 of 2025 to explore cooperation in the fields agriculture, industry, energy, petroleum and pharmaceuticals.

For his part Asadov welcomed Madbouli, hailing cooperation between the two countries in various domains and welcomed Egypt’s proposal to convene the joint committee meeting.

Moreover, Prime Minister Dr. Moustafa Madbouli met with a number of heads of state, governments and international institutions, including:

His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the United Arab Emirates, His Highness Sheikh Sabah Khaled Al-Hamad Al-Mubarak Al-Sabah, Crown Prince of Kuwait, Mr. Recep Tayyip Erdogan, President of the Republic of Turkey, Mr. Shehbaz Sharif, Prime Minister of Pakistan, Lieutenant General Abdel Fattah Al-Burhan, Chairman of the Sudanese Sovereignty Council, Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund, and others.

These meetings witnessed the discussion of ways of joint cooperation in a number of files, including files related to combating climate change and the green transformation, and the depth of political and economic relations between Egypt and the countries participating in the summit was emphasized.

Dr. Ahmed Al-Tayeb, the Grand Imam of Al-Azhar and Chairman of the Muslim Council of Elders met with President Ilham Aliyev of the Republic of Azerbaijan, on the sidelines of the opening of the 29th session of the United Nations Framework Convention on Climate Change Conference of the Parties (COP29) in Baku. 

The Azerbaijani President and the Grand Imam of Al-Azhar agreed on the importance of continuing to mobilize international efforts to continue pressure to stop the aggression on Gaza and Lebanon, and facilitate the entry of humanitarian aid into the strip. 

They both also voiced their complete rejection of the encroachment on the property of the United Nations Relief and Works Agency for Palestine Refugees, obstructing its work and preventing it from providing its services to innocent Palestinians, which led to the aggravation of the humanitarian situation in the camps, the martyrdom of more than 40,000, most of whom were women and children, and the displacement of nearly two million people from their homes.

13-11-2024

Madbouli, on behalf of Egyptian President Abdel Fattah El Sisi, gave a speech during the World Leaders Climate Action Summit, on the second day of the high-level meetings of the 29th Conference of the Parties to the UN Framework Convention on Climate Change (COP29), hosted by the Azerbaijani capital, Baku.

In his word, Madbouli conveyed President Sisi’s greetings to Azerbaijani President Ilham Aliyev for assuming the presidency of the conference, asserting Egypt’s support for tangible results emerging from this conference.

Madbouli said that the Baku Climate Change Conference is being held amid regional and international crises and wars and major climate events, resulting in economic and human losses.

He added that Egypt has always been keen on focusing on the issue of “implementation” with regard to the climate change agenda and working to bridge the gap related to dealing with climate losses and disasters that developing countries do not have the financial and technical capacity to deal with them.

He further noted that during the COP27 Conference of the Parties in 2022, Egypt succeeded in mobilising international support to establish “Loss and Damage” Fund for Vulnerable Countries hit hard by climate disasters.

He said Egypt also launched a negotiating path on a just transition taking into account the social and economic dimensions of the transformation process agreed upon within the framework of the Paris climate agreement. 

Madbouli added that Egypt also succeeded in advancing the issues of energy and water within the official decisions taken during the conference that led to establishing the Sharm El-Sheikh online portal and the Sharm El-Sheikh Adaptation Agenda (SAA).

He highlighted that this conference comes as an opportunity to reaffirm all parties’ commitment to implement their pledges, in accordance with the UN Framework Convention on Climate Change (UNFCCC) and the Paris Agreement, particularly with regard to providing financing to support developing countries.

He further noted that according to reports of the United Nations Economic Commission for Africa (ECA) showed that the impact of global warming is costing African nations up to 5% of their Gross Domestic Product (GDP).

He further cited the launch of Egypt National Climate Change Strategy 2050 and Egypt’s Sustainable Development Strategy (Egypt’s Vision 2030), directing investments to green transformation projects, enhancing cooperation with development partners and increasing the production of new and renewable energy to reach 42% of the electricity generation mix in 2030.

Madbouli pointed out that Egypt also launched the Nexus of Water, Food and Energy (NWFE) platform that included priority projects for implementation.

He said Egypt and African countries face shortfall for climate financing, and the lack of access to finance. 

Madbouli stressed that the conference aims at reaching an agreement on the New Collective Quantified Goal (NCQG) on climate finance, a key element of the 2015 Paris Agreement, aimed at setting a new financial target to support developing countries in their climate actions post-2025. 

Prime Minister Moustafa Madbouli met with NEPAD’s CEO Nardos Bekele-Thomas on the fringe of the COP29 in Baku, Azerbaijan. 

Madbouli said that he greatly appreciates NEPAD’s support for Egypt’s presidency of this African program meant to achieve economic development. 

He asserted that NEPAD under the presidency of Egypt will see an increase in financing resources needed to implement important infrastructure projects in the continent.

Madbouli talked about action to support NEPAD’s 10-year plan in the coming stage through financial support from donor countries. 

He said that Egypt also backs efforts to establish NEPAD regional offices and a Cairo-based African Center of Excellence for Resilience and Adaptation to the Impacts of Climate Change (ACECCRA).

For her part, Bekele-Thomas said she is thankful for Egypt’s continued support for NEPAD. She stressed the importance of action to implement NEPAD programs through communication with African countries concerned, noting that she is looking forward to cooperating with Egypt in this regard.

She talked about efforts to establish a new development fund to help NEPAD implement its projects without adding new financial burdens on African countries. 

Bekele-Thomas also stressed the importance of coordinating African efforts to maximize benefit from the different initiatives.

15-11-2024

Environment Minister Yasmine Fouad held a meeting with the Climate Action Network (CAN) to discuss mechanisms to support Egypt’s joint leadership in managing negotiations on the new climate finance target in a way that achieves a balance between the various parties and takes into account the requirements of developing countries.

The Climate Action Network is a global network of more than 1,900 civil society organizations in over 130 countries driving collective and sustainable action to fight the climate crisis.

The meeting came on the sidelines of the minister’s participation within the official delegation headed by Prime Minister Mostafa Madbouli, in the COP29 global climate conference in Baku, Azerbaijan, which runs until November 22, according to an official press release.

She expressed her appreciation for the role of the network in advancing climate action and focusing on climate justice and supporting the requirements of developing countries, especially in the current critical phase that the world is witnessing due to the stormy geopolitical conditions and the growing climate crises and their effects on the world.

She pointed to supporting climate action, including ensuring the implementation of the Paris Agreement, especially with regard to the commitment of developed countries to provide financing to developing countries so that they can fulfill their obligations.

Egypt’s Minister of Planning, Economic Development, and International Cooperation Rania El-Mashaat, participated in a high-level meeting on the Baku Initiative in Azerbaijan.

Al-Mashat said that the Baku Initiative for Climate Finance, Investment, and Trade (BICFIT), launched by Azerbaijan during its presidency of COP29, expands the horizons of climate finance by focusing on diverse mechanisms, such as foreign direct investments (FDIs), innovation, green free zones, and small and medium-sized enterprises (SMEs), among others.

She stressed that Egypt joined BICFIT to enhance its climate finance efforts, integrate climate finance agendas with investment and trade, and drive global efforts to achieve Nationally Determined Contributions (NDCs).

Al-Mashat highlighted that Baku Initiative provides an innovative platform for multilateral and cross-sectoral dialogue and partnerships, aimed at fostering international co-operation and promoting the socio-economic benefits of climate finance, investment, and trade policies.

She said: “This supports achieving the Sustainable Development Goals (SDGs) and ensures just green transitions.”

Minister Al-Mashat said that the Sharm El-Sheikh Guide to Fair Financing, an initiative from Egypt’s presidency of COP27, includes many principles echoed in the Baku Initiative. The guide aims to convert climate finance pledges into actionable solutions, particularly for developing countries disproportionately affected by climate change.

Innovative platform for dialogue

Minister Al-Mashat said that the Baku Initiative for Climate Finance, Investment, and Trade provides an innovative platform for dialogue and multilateral and interdisciplinary partnerships to enhance international cooperation, the social and economic benefits of climate finance, investment, and trade policies, in order to drive the achievement of sustainable development goals (SDGs) and ensure equitable green transitions.

“The initiative is based on a vision calling for strengthening international co-operation on the interlinkages between climate finance, investment, and trade among governments and all relevant stakeholders to achieve climate goals, including through the preparation and implementation of Nationally Determined Contributions (NDCs) in ways that support the achievement of SDGs,” she explained.

Baku Initiative’s 5 pillars

Minister Al-Mashat highlighted the five pillars of the initiative, which include: promoting climate finance by encouraging development banks, multilateral climate funds, non-profit organizations, and development partners to enhance climate finance in line with NDCs and national development plans; attracting foreign direct investment (FDI).

She has made it clear that one of the core aspects of the Baku Initiative is fostering dialogue through the development of a framework for institutional co-operation and partnerships to support long-term ambitions as part of global efforts to enhance climate transformation.

Boostingrole of national platforms

Minister Al-Mashat said the BICFIT initiative underscores the role of national platforms as essential mechanisms for coordinating international and local resources to achieve climate goals in emerging markets and developing economies. In this regard, Egypt has launched the national platform for the “NWFE” programme, which has become a model for national platforms successfully attracting private sector investments for climate mitigation and adaptation.

The success of the program has garnered global attention and serves as a practical example of what international reports, initiatives, and institutions advocate, having achieved tangible results in debt-for-climate swap mechanisms.

Egypt’s Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat also participated on Friday 15/11/2024 in the launch of the high-level expert group report on accelerating progress towards climate finance.

The event took place as part of the "Finance, Investment, and Trade Day" at the global climate conference, COP29, held in Baku, Azerbaijan.

The report estimated global investment requirements for climate action at approximately $6.3 to $6.7 trillion by 2030, including $2.3 to $2.5 trillion needed in developing and emerging economies, excluding China.

Mashat emphasized the importance of developing innovative financing mechanisms to attract the necessary private financing to address major gaps by leveraging public funds.

Such mechanisms include developing blended financing programs, as well as utilizing guarantees and other tools provided by international financial institutions and multilateral development banks, according to her. This requires reforming the business models of development banks to better support efforts to mobilize private financing, she noted.

Despite high capital costs and challenges such as trade barriers, private climate finance in emerging markets and developing economies increased from 43% to 47% of total financing. However, the share of fully privately financed energy projects decreased from 97% to 82%, indicating diversification into other sectors, Mashat said.

She also reviewed her ministry’s efforts to expand the role of the private sector in climate action through a range of direct and indirect mechanisms to enhance private sector participation in climate efforts.

The minister participated in a panel discussion organized by Hitachi Energy on integrating renewable energy sources.

Mashat discussed Egypt’s efforts to become a regional hub for renewable energy through diversifying energy sources and increasing production.

She noted that renewable energy is expected to account for 42% of Egypt's energy sources by 2030, making Egypt a strong player in addressing climate change and enhancing sustainable economic development.

The minister highlighted Egypt's unique resources that support its efforts in renewable energy.

She also referred to the achievements under the energy pillar of the "Nexus of Water, Food and Energy (NWFE) Program", which supports Egypt’s efforts in this field. She mentioned a major project to add 10 GW of renewable energy capacity and the shutdown of around 12 conventional power plants. 

Egypt’s Minister of Finance, Ahmed Kouchouk participated in the session entitled the “Coalition of Finance Ministers for Climate Action” in Baku, Azerbaijan.

Kouchouk stressed Egypt’s keenness to take part with world countries in playing a “decisive and influential” role in ensuring the sustainability of financial conditions and bridging the gap between ambitions and capabilities.

He added: “There should be a greater role for financial institutions, international partners, and the private sector in pushing climate investments in developing countries,” stressing that a balance must be achieved between development and climate goals, taking into account varying priorities, needs, and capabilities of countries.

He has made it clear that there should be global financial mechanisms for providing soft financing with various innovative tools that help reduce risks in developing countries.

Kouchouk also stressed the importance of maximizing the use of risk-sharing instruments such asguarantees and insurance mechanisms to increase the flow of investment towards national goals.

Minister Koucouk confirmed that Egypt is looking forward to a partnership of international institutions and investors to enhance investment in energy, water and food security.

He said: “We have issued green bonds within a sustainable sovereign financing framework for climate projects. We are seeking more diversification of tools and markets. We have already used the returns of these green bonds to finance renewable energy, clean transportation, water, and sanitation initiatives.”

18-11-2024

Egypt’s Minister of Environment Yasmine Fouad headed to Baku, Azerbaijan, to participate in the ministerial segment of the 29th Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change.

In her role at COP29, Fouad co-lead negotiations on the New Collective Quantified Goal (NCQG) for climate finance alongside Australia’s Minister for the Environment, Chris Bowen.

The NCQG is a new global climate finance goal that the Conference of the Parties, serving as the meeting of the Parties to the Paris Agreement, shall set from a floor of USD 100 billion per year, prior to 2025.  

Representing developing nations, she navigated this critical discussion, which is pivotal to establishing a clear and accessible climate finance framework. The aim is to ensure that the conference, dubbed The Finance COP, delivers a tangible outcome to aid developing countries and the most vulnerable communities in adapting to climate change impacts and implementing mitigation measures.

Fouad underlined her commitment to spotlighting the financial needs of developing nations and those most threatened by climate change impacts. She aims to achieve a climate finance goal that embodies transparency, accessibility, and balance, ensuring the interests of all nations are met. This, she stressed, is a fundamental step toward accelerating efforts to combat the climate crisis.

Egypt’s Environment Minister, Yasmine Fouad, stated that climate finance is the primary agenda for COP29, aiming to set a new collective quantified target for climate funding. Egypt, in collaboration with the Azerbaijani presidency, will lead ministerial consultations with Australia to facilitate negotiations on this target.

Minister Fouad emphasized the need for a new, agreed-upon climate finance target that meets the ambitions of all nations, especially developing countries at risk from climate change.
She noted that current political pressures on national budgets add complexity to these discussions and underscored the Paris Agreement’s provision for developed countries to support developing nations, ensuring that sustainable development is not hindered.

The minister also highlighted the importance of transparent, accessible climate finance that does not burden developing countries, while encouraging private sector contributions. She hopes COP29 will achieve a balanced, transparent, and fair funding goal, supporting equitable access to resources and capacity building.

Fouad added that Egypt’s experience hosting COP27 in Sharm El-Sheikh in 2022 was significant, with lessons shared with the UAE during COP28. Egypt is now working closely with Azerbaijan to ensure COP29’s success and continuity in addressing the global climate agenda.

During the thematic days of the conference, Fouad actively participated in sessions focusing on tourism and transport, biodiversity, nature, coastal regions, and indigenous populations. She is also scheduled to join a high-level roundtable on the intersection of climate and biodiversity, aimed at fostering a nature-positive future and advancing the Paris Agreement.

On the sidelines of COP29, the Minister held several bilateral meetings with international counterparts and representatives of global organizations to discuss opportunities for collaboration.

19-11-2024

Minister of Planning and Economic Development and International Co-operation Rania Al-Mashat met with President of the European Bank for Reconstruction and Development (EBRD) Odile Renaud-Basso.

The meeting, which took place on the sidelines of United Nations Climate Conference (COP29) in Baku, Azerbaijan, addressed ongoing and future co-operation between Egypt and the European Bank for Reconstruction and Development (EBRD).

The meeting also tackled the efforts for mobilising concessional financing and private sector investments for energy projects under the Country Platform for the Nexus of Water, Food and Energy “NWFE” programme.

During the meeting, Al Mashat emphasised that the strategic relationship between the two sides has progressed and yielded impactful results.

She said that the EBRD’s pivotal role as the lead development partner for the energy pillar of the “NWFE” programme has enabled Egypt to attract significant climate investments and concessional financing for renewable energy projects, solidifying the bank’s role in Egypt’s green transition.

In addition, Al Mashat explained that joint efforts involving the ministry, national entities, and the EBRD have resulted in the signing of renewable energy projects with a total capacity of 4.7 GW, alongside the mobilisation of over $2.5 billion in concessional financing from the EBRD and other development banks and international partners.

She asserted that these efforts aim to meet the program’s target capacity of 10 GW, while concurrently decommissioning 12 thermal power plants with a combined capacity of 5 GW, in line with the National Integrated Sustainable Energy Strategy’s goal of achieving 42% renewable energy by 2030.

She pointed out that the co-operation between Egypt and the EBRD dates back to 1991, with Egypt being a founding member. The EBRD recognised Egypt as a potential country of operations in 2012, and in 2015, Egypt became a full country of operations. Since then, the EBRD has supported Egypt’s development efforts with over €12 billion in investments across both the public and private sectors, covering 178 projects. More than 80% of these investments have been directed toward the private sector, bolstering its role in driving economic growth and supporting the national economy.

21-11-2024

Egypt's Minister of Environment Yasmine Fouad held several bilateral meetings on the sidelines of the COP29 climate change conference in Baku, Azerbaijan, to discuss key environmental issues and means to strengthen regional cooperation.

Cooperation with the UAE on Environmental Issues

Minister of Environment Yasmine Fouad met with UAE’s Minister of Climate Change and Environment Amna bint Abdullah Al-Dahhak and Head of the Egyptian Central Administration for Climate Change Soha Taher, to explore collaborative efforts across various environmental sectors.

The discussions focused on areas such as biodiversity, climate change, air pollution reduction, and the development of heat-resistant crops capable of withstanding the impacts of climate change. 

Fouad also invited Al-Dahhak to visit Egypt with a high-level delegation, including representatives from research centers, the private sector, and universities, to exchange knowledge and expertise. Both countries face similar environmental challenges, including water scarcity, which impacts agriculture and food security.

Fouad highlighted the existing bilateral cooperation between Egypt and the UAE, noting Egypt’s expertise in nature-based solutions, biodiversity conservation, and natural reserve management, while the UAE brings advanced knowledge in technologies for monitoring marine pollution, water pollution, and developing climate-resilient crops.

The two ministers also visited the UAE pavilion to explore its initiatives and innovations.

Strengthening Arab Unity in Climate Finance Negotiations

In a separate meeting, Minister of Environment Yasmine Fouad met with His Highness Prince Abdulaziz bin Salman, Saudi Arabia’s minister of energy, to discuss mutual environmental concerns, particularly climate change.

The two ministers exchanged views on climate finance and the forthcoming decisions regarding the "new specific collective goal" for financing climate action. 

Fouad stressed the importance of ensuring that this goal serves the interests of developing Arab and African nations by helping them strengthen climate mitigation efforts, build resilient societies, and address losses and damages caused by climate change.

Fouad also underscored the need for Arab countries to present a unified stance in negotiations, particularly in securing fair and equitable climate finance, with an emphasis on shared responsibility and differentiated burdens.

Egypt's Minister of Environment Yasmine Fouad met with Mikko Ollikainen, the Head of the Adaptation Fund, to discuss strategies for boosting funding for adaptation projects.

The meeting took place on the sidelines of the ministerial segment of the COP29 Climate Conference in Baku, Azerbaijan, which is being held from November 11 to 22, 2024, under the theme "Investing in a Livable Planet for All."

The two officials discussed mechanisms for increasing adaptation financing, in the context of efforts to establish a new collective climate finance goal.

Mikko Ollikainen expressed his hope to leverage Fouad’s leadership in the climate finance discussions, particularly in her role alongside her Australian counterpart in the negotiations on the new collective climate finance goal at COP29.

Fouad emphasized the critical need to increase funding for adaptation, which remains a priority for developing countries. She clarified that the new collective climate finance goal being developed at COP29 focuses on overall climate finance, without addressing specific allocations for funds such as the Adaptation Fund.

The Minister also praised the ongoing collaboration with the Adaptation Fund at the national level, highlighting Egypt’s increased share in the Fund. Egypt's funding allocation has been raised from $10 million to $20 million, which will be used for implementing both adaptation projects (Action Grants) and (Readiness Projects).

Fouad also discussed opportunities to secure additional funding for adaptation projects outside of Egypt’s direct allocation, including through innovation grants, regional grants, project scale-up grants, learning grants for adaptation education, and enhanced direct access to local knowledge.

Notably, the Egyptian projects currently funded by the Adaptation Fund include the Food Resilience Project in Upper Egypt, which is being implemented in partnership with the World Food Program and the Ministry of Agriculture.

Minister of Environment Yasmine Fouad pointed out that this project, which consists of two phases with a total budget of $10 million, targets 64 villages in Egypt. It focuses on involving local communities in agricultural and innovative projects to diversify income sources and enhance their resilience to climate change.