Cairo – Mubasher: Egypt's Minister of Planning and Economic Development, Hala El-said, has participated in the discussions of the Official Monetary and Financial Institutions Forum (OMFIF), which was held in New York City on the margins of the International Monetary Fund (IMF) and World Bank (WB) meetings in Washington D.C.
On financing the climate crisis, the minister stated that any bold climate action would not be implemented without enough financing, clarifying that the shift to green energy poses a key challenge, particularly to developing countries, according to a statement on Sunday.
According to the IMF estimates, emerging economies need to collectively invest at least $1 trillion in energy infrastructure by 2030, from $3 trillion to $6 trillion across all sectors per year by 2050 to mitigate climate change, and a further $200 billion by 2030 for adaptation efforts.
Between 2016 and 2019, Africa has only received $18.30 billion in climate finance, although contributing little to climate problems, it is already being disproportionately affected by its impacts. The continent would need climate financing of up to $1.60 trillion until 2030, El-said said.
Egypt’s vision to preside the incoming COP-27 in Sharm El-Sheikh next month aims to guarantee a rapid effective implementation of a worldwide green transition.
During her speech, El-said elaborated that the slowdown in economic growth and rising inflation lead to higher debt levels, particularly in emerging markets, adding that higher food and energy prices impact spending and debt levels.
The minister further referred to the Egyptian state’s efforts aimed at building a flexible economy and enhancing its ability to adapt amidst the ongoing circumstances, affirming that her country works to attract more investments and improve the business ecosystem.
