Arab Finance: Dr. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation, said that the “Baku“BICFIT for Climate Finance, Investment and Trade, which was launched by Azerbaijan during its presidency of the COP29 climate conference, expands the horizons of climate finance through its focus on many other mechanisms such as foreign direct investment, innovation, green free zones, small and medium enterprises, and others, explaining that Egypt has joined the initiative to enhance its efforts in the field of climate finance, investment and trade. Climate finance, integrating climate finance, investment and trade agendas and advancing global efforts to achieve NDCs.
She noted that the initiative is based on a vision that calls for strengthening international cooperation on the nexus of climate finance, investment and trade between governments and with all concerned parties to achieve climate goals, including through the preparation and implementation of Nationally Determined Contributions (NDCs), in ways that support the achievement of sustainable development goals.
Al-Mashat pointed to the five pillars of the initiative, which include climate financing, including encouraging development banks, multilateral climate funds, non-profit organizations, and development partners to enhance climate financing in line with nationally determined contributions and national development plans. In addition to attracting foreign direct climate investment by supporting developing countries in identifying investment opportunities in which the needs of sustainable development goals and climate action intersect with market opportunities, and sharing the best experiences in developing national regulations aimed at attracting foreign direct climate investment; The initiative also focuses on the alliance of small and medium-sized companies in the green transition by strengthening the capabilities of countries to integrate these companies into the design and implementation of national climate action plans. As well as knowledge exchange and capacity building for climate ambition.
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