Latest news with #IndustrialDecarbonizationProgram
Egypt Today
14 hours ago
- Business
- Egypt Today
Egypt Secures Spot in $1B Climate Investment Program: PlanningMin
Cairo – June 15, 2025: Egypt has been selected as one of only seven countries worldwide to benefit from the Climate Investment Funds' (CIF) $1 billion Industrial Decarbonization Program, aimed at reducing emissions in developing nations' industrial sectors. The announcement was made by Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation, who emphasized that the selection from a competitive pool of 26 applicant countries underscores international confidence in Egypt's climate policies and green transformation agenda. The initiative, launched under the CIF's Clean Technology Fund (CTF), is the first of its kind to focus exclusively on industrial decarbonization in emerging markets. Egypt joins Brazil, Mexico, Namibia, South Africa, Turkey, and Uzbekistan as the first recipients of support from the program. According to Al-Mashat, Egypt's proposal was submitted in partnership with key international financial institutions, including the European Bank for Reconstruction and Development (EBRD), the World Bank, the International Finance Corporation (IFC), and the African Development Bank (AfDB). The submission highlighted Egypt's strategic shift toward a green economy, institutional readiness, and the engagement of private sector actors in climate financing. 'This achievement affirms global trust in Egypt's vision and efforts to align national development strategies with climate goals,' Al-Mashat stated. 'We are committed to strengthening our institutional capacity and promoting investment policies that foster environmental sustainability and economic competitiveness.' The CIF noted that the seven selected countries were chosen based on an independent evaluation. The program aims to accelerate the transition to low-emission industrial systems, spur green job creation, and position participating countries to capitalize on a growing global market for environmentally sustainable goods—projected to reach $2 trillion by 2030. Al-Mashat also pointed to Egypt's heightened climate action momentum since hosting the COP27 summit in Sharm El Sheikh in 2022. During the summit, Egypt launched the 'NWFE' (Nexus of Water, Food, and Energy) country platform, an internationally recognized model that seeks to drive climate investment through partnerships involving the government, development agencies, and the private sector. In addition to the decarbonization initiative, Egypt was previously recognized by the CIF during COP27 as the top-ranked country in the North Africa and Europe region under the 'Nature, People, and Climate Investment' program—a separate $500 million initiative supporting projects in climate-smart agriculture, coastal restoration, and inclusive green development. Ongoing technical discussions are being held to leverage that funding within the NWFE framework. Tariye Gbadegesin, CEO of CIF, underscored the urgency of industrial decarbonization, particularly in emerging economies. 'The global race to decarbonize the industrial sector has begun, and emerging markets are leading the way,' she said. 'This is not just about emissions; it's about ensuring long-term prosperity, generating jobs, and producing the low-carbon materials essential to scaling renewable energy and powering the global economy.' Under the program, the selected countries will develop detailed investment plans in collaboration with multilateral development banks and private sector partners. Once approved by the CIF board, these plans will unlock access to highly concessional financing to scale up technologies like green hydrogen and low-carbon industrial processes. The CIF's Clean Technology Fund, valued at $9 billion, employs a groundbreaking private capital mobilization mechanism—one that reportedly generates $12 in additional investment for every $1 of CTF funding—making it a key tool for driving large-scale sustainable development.
See - Sada Elbalad
a day ago
- Business
- See - Sada Elbalad
Al Mashat Announces Egypt's Selection to Benefit from CIF's Industrial Decarbonization Program with $1 Billion Funding
Basant Ahmed Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation, announced Egypt's selection among 7 countries out of 26 applicants to benefit from the Climate Investment Funds (CIF) Industrial Decarbonization Program. This program is the first global development financing initiative dedicated to reducing harmful emissions in the industrial sector of developing countries, with a value of $1 billion. Dr. Al-Mashat pointed out that the Ministry of Planning, Economic Development and International Cooperation, in its role of fostering economic relations with international institutions and development partners, submitted Egypt's proposal in collaboration with the European Bank for Reconstruction and Development (EBRD), the World Bank, the International Finance Corporation (IFC), and the African Development Bank (AfDB). This submission was based on Egypt's ambitious vision for transitioning to a green economy, reducing emissions, robust institutional capabilities, and the active participation of both domestic and foreign private sectors, particularly through development financing. Minister Al-Mashat added that Egypt's selection among the 7 countries underscores the international community's confidence in the national strategies and efforts exerted to enhance climate action. This selection also represents a significant step towards boosting the competitiveness of the Egyptian economy and attracting more climate investments. She highlighted that the Egyptian government is working to integrate national policies and development goals with climate objectives, aiming to advance the implementation of green transformation-incentivizing policies in cooperation with international institutions. Dr. Al-Mashat emphasized that Egypt has intensified its climate action efforts, particularly since hosting COP27 in November 2022. During this conference, Egypt launched the "NWFE" program country platform, a pioneering initiative that has received unprecedented international support and continuous commendations for its role in encouraging climate investments through partnerships among the government, international institutions, and the private sector. The CIF confirmed that the 7 selected countries (Egypt, Brazil, Mexico, Namibia, South Africa, Turkey, and Uzbekistan) were chosen based on an independent expert team's assessment. The program aims to support low-emission industrial transformation and create green jobs, thereby enhancing the long-term economic competitiveness of participating countries and qualifying them to benefit from the global market for eco-friendly goods, which is projected to reach $2 trillion by 2030. This program is part of the Clean Technology Fund (CTF) under the CIF, which has a total value of $9 billion. It leverages the CIF's private capital mobilization mechanism, which is the first of its kind in mobilizing private capital to support countries' sustainable, inclusive, and resilient development priorities. Tariye Gbadegesin, CEO of the Climate Investment Funds (CIF), stated, "The global race to decarbonize the industrial sector has begun, and emerging markets are leading the way. Decarbonizing industry is not just about cutting emissions, it is also about securing long-term prosperity and future jobs. It is vital to produce the low-carbon industrial inputs the world urgently needs to scale renewable energy capacity and power the global economy." It is worth noting that in November 2022, during the COP27 climate conference in Sharm El Sheikh, H.E. Dr. Rania Al-Mashat announced that Egypt's bid ranked first among countries in the North Africa and Europe region in the CIF's Nature, People, and Climate Investment initiative. Through this initiative, CIF provides $500 million in support for implementing projects in developing member countries. Technical discussions are underway between the Ministry, relevant entities, and CIF to leverage this initiative by funding a number of projects under the "NWFE" program in areas such as climate-smart agriculture, agribusiness and agricultural finance, coastal ecosystem restoration, and stimulating private sector participation as a common pillar. The seven selected countries are expected to collaborate with multilateral development banks and private sector partners to develop investment plans for approval by the CIF board. These plans will enable countries to access highly concessional financing to scale up the adoption of clean technologies, such as green hydrogen and low-carbon industries, to achieve a global energy transition. The program provides developing countries with access to development financing, attracts investments for climate transformation projects, and creates green job opportunities. This program is part of the Clean Technology Fund (CTF) under the Climate Investment Funds (CIF), which has a total value of $9 billion. It relies on the fund's private capital market mechanism, which is the first of its kind in mobilizing private capital to support countries' sustainable, inclusive, and resilient development priorities. For every dollar invested by the Clean Technology Fund, $12 in additional financing is generated. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks News Shell Unveils Cost-Cutting, LNG Growth Plan Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean News 3 Killed in Shooting Attack in Thailand
