Friends of the initiative will voluntarily work to increase the share of green projects in their national investment plans to at least 30% by 2030, El-Said said at the launch ceremony.
She noted that the initiative was launched in partnership with several countries, regional and international organizations and financial institutions.
The initiative will help shape economic policies that contribute to mitigation and adaptation efforts, El-Said said.
The initiative will come up with a set of guidelines to accelerate the implementation of the United Nations Framework Convention on Climate Change (UNFCCC), the Paris Agreement and Nationally Determined Contributions (NDCs), added Al-Said.
The initiative is in line with the need to “work collaboratively to find solutions to combat climate change in light of the fact that developing countries, particularly in Africa, are the most vulnerable to the impacts of climate change”, she pointed out.
El-Said announced the launch at the opening of Solutions Day to exchange views and expertise and find new, innovative and comprehensive solutions to the global climate crisis.
COP27, which started on November 6 and is due to conclude tomorrow, saw various efforts by a number of parties to help African countries implement their climate commitments and access climate finance.
On Saturday, Egypt launched the Decent Life for a Climate Resilient Africa initiative, which aims to mainstream climate action into sustainable rural development in Africa.
The initiative was launched during the COP27 Agriculture and Adaptation Day.
On Friday, COP27 President Sameh Shoukry announced the launch of the Cairo Center of Learning and Excellence on Adaptation and Resilience to accelerate climate adaptation in Africa.
In addition, COP27 saw the launch of the UN-backed African Carbon Markets Initiative (ACMI) last week with the aim of increasing African carbon credits.