Rania Al-Mashat, Minister of International Cooperation in Egypt, recently discussed the urgent need for climate finance with African governors at a meeting with Ajay Banga, President of the World Bank Group. The African countries are seeking around $277 billion in climate financing from the World Bank Group to help mitigate the effects of climate change.
The Minister emphasized the importance of activating the Loss and Damage Fund and providing technical assistance to help countries assess climate risks. She also highlighted the need for investment in renewable energy, support for carbon markets, and assistance for countries in developing and implementing climate action plans.
During the meeting, African governors discussed important topics such as public debt, financing energy projects, private sector involvement, and climate financing. The Minister stressed the urgency of addressing these issues and called for innovative tools to mobilize more climate finance through the Private Sector Investments Laboratory.
The African Group appreciated the Bank’s efforts to double financing for renewable energy and expressed readiness to discuss policies to attract more private financing. Overall, the Minister emphasized the need for the Bank to focus on mitigating the effects of climate change by increasing adaptation financing and strengthening its use of private sector financing for mitigation activities. The African governors are looking for the Bank to play a crucial role in advancing development on the continent and addressing the challenges faced by developing countries.