At COP29 in Azerbaijan, twelve multilateral development banks issued a joint statement praising Egypt’s Nexus of Water, Food, and Energy (NWFE) program. The statement, titled “Country Platforms for Climate Action: MDB Statement of Common Understanding & Way Forward,” recognized the program’s success in turning climate strategies into practical projects.
National Platforms and Climate Finance Mobilization
The World Bank Group, African Development Bank, European Investment Bank, and other financial institutions supported national platforms. They argued that these platforms are essential for developing and implementing countries’ climate strategies and Nationally Determined Contributions (NDCs).
They specifically highlighted Egypt’s NWFE program for its emphasis on water, food, and energy, which are critical for both climate and development goals.
The banks acknowledged that the NWFE program contributes significantly to climate change mitigation and adaptation efforts. It also supports resilience and facilitates a just transition across sectors.
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Egypt’s NWFE Program and International Collaboration
Rania Al-Mashat, Egypt’s Minister of Planning, Economic Development, and International Cooperation, welcomed the statement. She highlighted the program’s ability to coordinate policy and translate strategies into actionable projects.
Al-Mashat explained that the NWFE program offers a distinct model compared to Just Energy Transition Partnerships (JETPs). It fosters cooperation between the government, international institutions, and the private sector.
Since COP27, the NWFE program has attracted international attention, especially from developing and emerging countries, particularly in Africa. The program has become a model for other nations looking to develop their own climate action platforms.
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Key Pillars for Climate Action
The statement outlined four key pillars for successful national climate platforms: political commitment, investment identification, financing mobilization, and transparency. The banks reiterated their commitment to supporting countries in developing and implementing these platforms. They will work with partners and climate funds to help expedite finance access.
NWFE Program’s Future and Investment Plans
The NWFE program includes 26 priority projects planned for 2030. Nine of these projects are currently underway in water, food, and energy sectors. The Egyptian government is working with the European Bank for Reconstruction and Development (EBRD), the African Development Bank (AfDB), and the International Fund for Agricultural Development (IFAD) to mobilize financing mechanisms.
These include debt-for-climate swaps, grants, and concessional financing, with a target investment of $14.7 billion.