UK to expand the Climate Finance Accelerator Programme

COP President Alok Sharma has announced the expansion of the UK’s Climate Finance Accelerator Programme to Egypt. 

Already operating in six countries, the initiative will provide capacity-building support to promising climate projects in Egypt so that they become more bankable and appealing to investors and can secure funding more readily.

This announcement comes as Alok Sharma concluded a visit to Egypt, the country hosting the next UN Climate Summit. 

Whilst in Cairo, Mr. Sharma met a wide range of Government Ministers. Together they also issued a UK-Egypt Joint Statement which affirms their joint commitment to accelerating the fight against climate change. 

They also agreed to continue building a partnership in 2022 that aligns priorities and plans, secures the legacy of the Glasgow Climate Pact, and delivers impact and progress on the Paris Agreement goals. 

This means ensuring all parties meet their commitments across mitigation, adaption, loss, damage, and finance. 

Alok Sharma said: ‘COP26 was a historic, collective achievement. We kept the goal of limiting average global temperature rise to 1.5 degrees in reach and made progress on finance for climate action, adaptation, and loss and damage, which will benefit countries across both Africa and the MENA region.

‘I look forward to working with Egypt and UAE as hosts of COP27 and COP28 respectively on the climate agenda. The UK will give its full support to Egypt in delivering an ambitious COP this November which ensures urgently delivering for those most vulnerable to climate change.

‘We all need to make further progress in 2022 and especially on delivering the $100 billion of finance and addressing investment needs in the most climate vulnerable countries. This will build on the Glasgow Climate Pact and secure a better future for us all.’

The COP President will now travel to the United Arab Emirates to see preparations for COP28 that will be staged in 2023 and will meet key government ministers, including the recently appointed Minister of Climate Change and Environment, HE Mariam Al Mheiri, and UAE’s Special Envoy for Climate Change HE Dr. Sultan Al Jaber.