Rania Al-Mashat: Non-profit organizations can help close the climate action financing gap

Dr. Rania Al-Mashat, Minister of International Cooperation, participated in the discussion session held by the World Economic Forum (WEF), as part of the activities of the 77th session of the United Nations General Assembly, which discussed the role of non-profit organizations in advancing climate action, and the importance of a mechanism for partnerships between government sectors. And private and non-profit organizations to inject strategic investments, and discuss mechanisms through which the World Economic Forum can maximize the role of these institutions to achieve a just transition.

Panelists included Klaus Schwab, Chairman of the Board of Directors of the World Economic Forum, Jim Huay Niu, Executive Director of the Center for Nature and Climate at the World Economic Forum, Franz Timmermanns, Executive Vice President of the European Commission, and Ray Dalio, founder and chief investment officer, Bridgewater.

In her speech, Minister of International Cooperation, Dr. Rania Al-Mashat, stressed that in light of the urgent need for the world to increase climate finance, it is necessary to take advantage of the efforts of relevant parties, including non-profit organizations that have huge resources that can be used to increase funding for climate action and transition goals. equitable, especially in developing countries.

Al-Mashat pointed to the importance of multilateral cooperation, which provides a more comprehensive vision involving all parties in order to advance sustainable development efforts 2030 and enhance climate action, noting that in light of the estimates issued by the Organization for Economic Cooperation and Development (OECD), which issues the financing gap of about 2.5 trillion dollars per year, it is imperative that sufficient resources are mobilized to bridge this gap and move forward in promoting the transition to a green economy.

She said that non-profit organizations can play a major role in supporting the sustainable development agenda, as their role has emerged significantly recently, despite the great need for governmental and private capital, but non-profit organizations have a large and supportive role to achieve the UN goals and climate action.

Al-Mashat touched on the estimates of the SDG Foundation, which indicated the possibility of making $651 billion available from non-profit organizations to achieve the sustainable development goals by 2030, based on their experience, huge resources and ability to spread widely, noting the need to increase the role of these institutions in climate action. Especially since only 2% of its money has been directed to climate action since 2020.

The Minister of International Cooperation added that through blended financing, the role of non-profit organizations can expand in the field of climate action, financing the sustainable development goals, and creating strategic partnerships with government organizations and the private sector to increase development-oriented financing. She stated that these institutions have great capabilities through which to expand the tools of risk reduction and guarantees that stimulate private financing.

For his part, Klaus Schwab, Chairman of the Board of Directors of the World Economic Forum, said that the Forum is working to mobilize major international non-profit institutions in support of climate action and the achievement of sustainable development goals, through the principles of the economic and social system inclusive of relevant parties, with the aim of re-exploring the role of these institutions as a major supporter of the climate action agenda.

Franz Timmermans, Executive Vice President of the European Commission, said that the interest in climate action by all parties, including non-profit organizations, works to achieve global sustainability and stability and to redouble efforts to confront the repercussions of climate change.

The Forum for International Cooperation and Development Finance in its second session and the meeting of African Ministers of Finance, Economy and Environment (Egypt-ICF), held under the patronage of Abdel Fattah El-Sisi, President of the Arab Republic of Egypt, hosted a round table on the role of non-profit organizations and charitable organizations, in cooperation with the presidency team of the 27th session of the Conference Climate, with the aim of shedding light on the role of these institutions in participating in climate projects and the role entrusted to them to preserve the planet at a time when the world is witnessing a rise in the risks of climate change, which casts a shadow on the whole world.

It is worth noting that the Ministry of International Cooperation, in cooperation with the Ministries of Foreign Affairs, Finance and Environment, and the United Nations Economic Commission for Africa, organized the Egypt-ICF2022 Forum, in its second edition, and the meeting of African Ministers of Economy, Finance and Environment, under the auspices and presence of President Abdel Fattah Sisi, where he witnessed a high-level international and regional presence from United Nations organizations, heads of international financial institutions, and the private sector. With the participation of more than 23 African governments, about 20 discussion sessions, workshops and round tables were held on unifying messages and visions, to mobilize the efforts of the international community to support the climate agenda in the continent of Africa, and to prepare for the “Finance Day”.

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