Egyptian Minister points to necessary measures to tackle climate change

Egypt’s Minister of International Cooperation, Rania Al-Mashat called on the World Bank at the G20 ministerial meeting to prioritise innovative financial solutions to combat climate change. This was reported by Daily News Egypt, a partner of TV BRICS.

Al-Mashat supported the bank's roadmap target of allocating 45 per cent of funding to climate projects, but warned against ignoring key sustainable development points such as poverty eradication.

The Egyptian minister called for a funding model that would incentivise all eight global challenges identified by the World Bank, including climate change, health emergencies and food insecurity.

The official emphasised the need to invest in initiatives such as the Global Solutions Accelerator Platform (GSAP). She also called for significant replenishment of the International Development Association (IDA), the World Bank's fund for low-income countries, pointing to its role in providing concessional financing to vulnerable countries.

Al-Mashat called for closer cooperation between multilateral development banks and international financial institutions to implement a harmonised approach consistent with national development strategies and the Sustainable Development Goals (SDGs).