Green Climate Fund contributes $300 mln to Egypt’s world-first climate investment plan

Simon Wilson, the GCF's chief of staff, talked to Ahram Online about the importance of the recent 27th UN Climate Change Conference (COP27), cooperation with Egypt, obstacles and opportunities in climate finance, as well as the fund's plans for the future.

AO: How was COP27? What was its significance for GCF?

SW: GCF took part in 359 engagements at COP27, along with other informal meetings. As a main operating entity under the financial mechanism of the United Nations Framework Convention on Climate Change (UNFCCC), GCF takes guidance from the Conference of Parties (COP) on its policies, programming priorities and eligibility criteria.

COP27 was an opportunity to listen, particularly, to the developing nations, and to hear how the fund can continue to meet their needs for transformative climate action, in addition to bringing together global leaders to discuss what is needed from the climate finance system to realise the climate goals of developing nations.

AO: What about your cooperation with Egypt?

SW: GCF and the Egyptian government announced that Egypt will be the first country to adopt a climate investment plan, a move which could significantly accelerate efforts by Egypt to combat climate change by unlocking new investment. 

We have already a number of successful projects with Egypt on the mitigation and adaptation sides.

For the mitigation side, we have contributed in funding the Benban Solar Park, one of the largest solar parks in the world in the Aswan Governorate.

We support Egypt's renewable energy integration and leveraged investments to help the country meet its target of 20 percent renewable energy generation by the end of 2022.