Egypt to Host the Second Edition of the ICF Forum Ahead of COP27
To be held at the New Administrative Capital, Egypt-ICF hopes to promote climate action goals and further accelerate its transition to a green economy.
In preparation for the COP27 Conference, Egypt is hosting the second edition of the International Cooperation Forum (ICF) from September 7th to September 9th at the New Administrative Capital to promote climate action goals and further accelerate its transition to a green economy.
The forum will focus on three main pillars: Mobilization of Finance and Access to Finance; Finance Mitigation Adaptation; and National Actions. Through the forum, Dr. Rania Al-Mashat, Egypt’s Minister of International Cooperation, aims to increase private and multilateral participation to support the government’s commitment in going from pledges to implementation, by unlocking much needed finance for advancing the climate agenda.
According to a 2021 report by the Climate Policy Initiative, total climate finance has steadily increased during the last decade, reaching $632 billion in 2019/2020. However, inflows have decreased in the last few years due to the impact of the COVID-19 pandemic on the world economy.
To meet internationally agreed climate objectives by 2030 and avoid the most dangerous impacts of climate change, an increase of at least 590% annually is needed in climate financing. The ICF aims to help bridge this gap by discussing innovative ways to empower African countries to achieve economic development while also increasing efforts to combat climate change and support the environment.
To that end, the Egyptian government has made significant strides in moving towards a greener economy through its recent launch of Nexus of Water Food Energy (NWFE) program, which addresses water, food, and energy to support key development sectors in the country.
Egypt-ICF will see participation from several leading development partners including representatives from the United Nations Sustainable Development Group; UN Special Envoy on Climate Action and Finance; European Bank for Reconstruction and Development; alongside members from international financial institutions (IFIs) and multilateral development banks (MDBs). In addition, many representatives from neighboring African countries will also be attending the forum.
This event is organized in partnership with the African Export–Import Bank, African Development Bank, the World Bank Group, the Climate Investment Funds, the Arab Bank for Economic Development in Africa, International Islamic Trade Finance Corporation, the International Finance Corporation, Banque Misr, and the National Bank of Egypt.