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African Ministers of Finance, Economy, Development and Environment will meet ahead of COP27

14 July, 2022
Redefining development finance to address climate change

Addis Ababa, 14 July 2022 - African Ministers of Finance, Economy, Development and Environment are expected to meet ahead of the 2022 United Nations Climate Change Conference (COP27), and to participate in Egypt – International Cooperation Forum to ensure an African led position at the global meeting.

Egypt is the host of COP27 and the Finance Day that will take place in November 2022.  Ahead of these events, a high-level meeting of African Ministers with related mandates is expected to take place beforehand to deliver an articulate and strong African position. The ministers' meeting scheduled for 7-9 September 2022, in Egypt, is being organised by the Government of the Arab Republic of Egypt with the support of the United Nations Economic Commission for Africa. Key international and regional partners will be invited to engage in the discussion and contribute to the development of key messages to be taken to COP27.

African countries have called for delivery on finance to accelerate a green transition- and while development partners need to step up through upscaling public finance, the conference will also discuss how to better channel private finance into climate resilience on the continent and de-risk investments through Multilateral Development Banks' contributions.

The main objective of the ministers' meeting is to amplify and raise Africa’s voice as well as enhance coordination between the African countries ahead of the COP27 and the Finance Day to be organized alongside COP27, with the aim of encouraging intra-African exchange and cooperation to accelerate the transformation towards green and blue economy and/ or by showcasing of successful and potential cross-border green and blue projects.

The meeting will also expand coherence of African climate finance positions with needs and prioritise actions that can be led by African countries with targeted support to increase the climate finance available for implementation.

“We want to illustrate that African countries are systematically contributing to fight against climate change. We all know how vulnerable Africa is to climate change, but we are also determined to reset our economic models built on climate resilience.  For this, we need transparent level playing field market mechanisms. This meeting will showcase African initiatives which contribute towards implementation of the Paris Agreement, and the urgency of mobilising additional resources.  In particular, it will provide a platform for initiatives which can be upscaled based on the positive impact derived at community level” said Vera Songwe, Under-Secretary-General and Executive Secretary of the United Nations Economic Commission for Africa.

The meeting is an opportunity to address the continent's specific challenges, potential, financing needs and innovative instruments for its development.  African ministers will discuss Africa’s needs, ambitions and challenges regarding climate finance which is paramount to face challenges prevailing in the global environment. Egypt has already explored numerous innovative financing initiatives- we need to ensure that we can deliver a framework which allows new and additional resources to be invested in climate resilience from both public and private sources” said Mohamed Maait, Minister of Finance of Egypt.

"The second edition of Egypt – International Cooperation Forum (Egypt – ICF) this year, presents an ideal opportunity for African Ministers of Finance and Environment to engage in a constructive dialogue with the international community and the private sector on the road to COP 27. The three-day event will conclude with a communique to voice Africa’s ambitions and demands to explore innovative solutions for just access to finance and technology in support of the climate and development agenda through fostering effective and inclusive partnerships" said Rania Al-Mashat, Minister of International Cooperation, Egypt

African negotiators have noted that there is a clear need for greater and more predictable financing for Africa’s sustainable development agenda, addressing recurring debt issues, and building resilience to shocks such as witnessed due to COVID and the war in Europe.

The key issues to be discussed by the ministers are Africa’s financial needs for climate action and the financial gap facing Africa in tackling climate change; promoting country ownership of NDCs; proposed initiatives regarding Climate Change adaptation and mitigation; in addition to just energy transition and sustainable infrastructure, among others

The ministers’ meeting will highlight the coherent voice of African leaders for greater international support for a green and resilient recovery in Africa; crystalise African common positions and key messages on climate finance, including innovative financing and the need to catalyse private sector investment.  The meeting will also explore concrete actions for a sustainable African transition to net zero and nature positive future which does not compromise the development goals of the continent. 

The expected outcomes of the meeting include improved coordination of African initiatives to scale up and accelerate implementation; strengthened joint planning and implementation through the African Union’s Climate Change Strategy.

COP27 will bring governments together to accelerate global efforts to confront the climate crisis.