Kouchouk highlighted that climate finance requires innovative international cooperation that more directly addresses essential needs
Egypt’s Finance Minister Ahmed Kouchouk emphasized the critical need for international collaboration and sustainable, concessional financing to address the global climate crisis during the Debt Sustainability Forum supported by the Ministry of Finance and the United Nations Economic Commission for Africa during his participation at COP29.
In his address, Kouchouk highlighted that climate finance requires innovative international cooperation that more directly addresses essential needs. He pointed to the Debt Alliance for Sustainable Development, launched at COP’s conference in Sharm El-Sheikh, as a potential solution within the realm of climate finance. The minister called on countries, financial institutions, and the private sector to join the alliance to foster sustainable development pathways and support economic resilience.
“The finance gaps are widening in developing countries, particularly across Africa, amid mounting economic and social pressures,” Kouchouk stated. He urged African and other developing nations to leverage sustainable financing tools to meet both climate and development goals.
Kouchouk also underscored the need to explore innovative financial mechanisms, such as sustainability bonds and debt-for-green-investment swaps, to bridge funding shortages and stimulate climate action.
He further noted that low-cost financing, along with cost-reduction guarantees, could significantly increase private sector participation in green economic transitions. These measures would, he suggested, enhance private investment in eco-friendly activities and contribute to the growth of environmentally sustainable industries.
Minister Kouchouk concluded by inviting governments, international financial institutions, and private companies to support the Debt Alliance for Sustainable Development. He emphasized that, with coordinated efforts, this alliance could serve as a vital platform for mobilizing resources to advance climate resilience and sustainable development, particularly in regions facing the most severe impacts of climate change.
