Dr. Kevin Kariuki, Vice President of the African Development Bank, will lead a delegation to Egypt, the host country for the United Nations Climate Change Conference 2022, for exploratory talks on how the Bank and Egypt can work together to make COP27 a truly transformative event for people and the planet. COP 27 is scheduled for November 2022 in the coastal city of Sharm El Sheikh.
Dr. Rania Al-Mashat, Egypt’s Minister of International Cooperation, Dr. Yasmine Fouad, Egypt’s Minister of Environment, Mr. Sameh Shoukry, Minister of Foreign Affairs, and Dr. Mohamed Shaker El-Markabi, Minister of Electricity and Renewable Energy, are among the ministers Kariuki, the Bank’s Vice-President for Power, Energy, Climate, and Green Growth, will meet.
Kariuki stated that it was essential to begin early engagements with Egypt, key stakeholders, and partners. “The African Development Bank will collaborate with Egypt to build on the achievements of COP26 and guarantee that our African COP27 is a resounding success.”
The Bank’s collaboration with Egyptian authorities will help to advance the Glasgow to Sharm-El-Sheikh work programme on the Global Goal on Adaptation, with the goal of ensuring the planet’s safety and resilience. The creation of a mechanism for conversation with African countries on building a shared perspective on climate change and boosting Africa’s voice at COP27 will also be discussed.
During the visit, VP Kariuki will meet with representatives from the World Bank Group, European Bank for Reconstruction and Development, International Monetary Fund, European Investment Bank, Islamic Development Bank, and UN Agencies to discuss a common approach for building on the Glasgow Climate Pact, as well as issues and priorities specific to COP27 in support of Egypt’s government.
The Pact is made up of a set of choices made at COP26, including increased efforts to enhance climate change resilience, reduce greenhouse gas emissions by implementing Just Energy Transition plans, and provide the required funding for both.
The Bank group will also examine how to highlight Egypt’s pioneering green transformation projects, such as the recently launched 2050 National Climate Change Strategy, and how they may be emulated in developing nations, especially Africa.
“Egypt has undertaken tremendous efforts to address climate change vulnerability and impacts on the key sectors (energy, transport, waste, water, industry, and agriculture) and has invested significantly to put forward measures to enhance their resilience. It is important to showcase these achievements”, Kariuki said.
The African Development Bank has been a strategic partner for Egypt’s mitigation and adaptation efforts, providing $1 billion in loans and investment between 2007-2021.
Since 1974 when the Bank started financing operations in Egypt, it has financed over 105 projects with a value of $6.6bn, in infrastructure development (transport, power, water supply, and sanitation), agriculture, communications, finance, industry, and social sectors as well as economic and institutional reforms and capacity building.