Rania Al-Mashat, Minister of International Cooperation in Egypt, confirmed that the demands of the countries of the African continent from the World Bank Group for climate financing are estimated at about 277 billion dollars.
Dr. Al-Mashat called for supporting the establishment of a Loss and Damage Fund and investing in renewable energy, supporting the development of carbon markets, and supporting countries to develop and implement climate action plans.
She added: We have appealed to the Bank Group to be among the supporting bodies in mobilizing financing annually, to cover the demands of the countries of the continent, to support climate action, and to implement nationally determined contributions in Africa. She urged the Bank to move stronger to encourage the private sector to finance climate change adaptation activities. We look forward to quickly activating the Loss and Damage Fund, and making developed countries bear the cost of their environmental pollution
Rania Al-Mashat, Governor of Egypt at the Bank, delivered the African Governors’ speech during the African Group’s meeting with Ajay Banga, President of the World Bank Group, as part of the spring meetings of the International Monetary Fund and the World Bank in Washington.
During the meeting, the African governors discussed a number of important topics, focusing on the importance of the Bank’s participation to advance the development process on the continent, the most important of which are public debt, financing energy projects, developing private sector participation, climate financing, and increasing the financial resources available to the International Development Association, To enhance its role in facing the challenges of developing countries.
In her speech, the Minister focused on “launching climate finance for the continent of Africa,” expressing the Bank’s commitment to climate action, including expanding the set of crisis response tools, noting that bridging the financing gap is an arduous task.
She said: “We would like the President of the Bank to review with us the new innovative tools that can be applied, through the Private Sector Investments Laboratory, to help countries mobilize more climate finance,” welcoming the launch of the Loss and Damage Fund, and stressing the African Group’s aspiration for its rapid operation. Providing countries with timely technical assistance to enhance the ability of client countries to assess climate risks, analyze the impact, negotiate, and determine the cost of the required compensation.
She explained: Given that mitigating the effects of climate change has stronger justifications, we urge the Bank to move to make stronger use of private sector financing for mitigation activities, while aiming to increase the share of adaptation financing to 70%, at its own expense, by 2030.
The Minister pointed out that the African Group appreciates the efforts made by the Bank in exploring how to double financing for renewable energy amounting to $15 billion, saying, “We are ready to discuss enabling policies to attract more private financing.”