As co-chair of the World Economic Forum’s (WEF) Network to Mobilize Investment for Clean Energy in the Global South, H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, participated in a meeting on the network with Mr. Samaila Zubairu, CEO of the African Finance Corporation. The meeting, which included several WEF officials, discussed the developments since the network’s launch in January at the Davos Forum. The discussion also focused on strategies to encourage clean energy investments and the preparation of a comprehensive guide for successful renewable energy solutions and practices, which will be reviewed at the Energy Ministers’ meeting in Brazil this October.

The network, which includes representatives from various governments, international institutions, and development partners, aims to increase clean energy investments by more than sevenfold over the next decade to align global efforts against climate change. It seeks to gather relevant stakeholders and focus on three main areas: Quantify and raise awareness about the amount of financing needed to accelerate their energy transition; Exchange best practices and lessons learned to increase clean energy finance and create conducive conditions for investment; and Develop practical policy and non-policy solutions to accelerate the financing of countries’ energy transition.

The meeting addressed the growing pressures on global clean energy investments amid reduced availability of concessional financing for developing and emerging countries. It also discussed the network’s efforts to enhance these investments, including building on the “Sharm El-Sheikh Guidebook for Just Financing” to produce a guide for innovative solutions in clean energy investments, featuring 100 case studies from emerging economies. This guidebook aims to foster knowledge exchange among countries and support private sector and international institution investors in decision-making, along with other measures to promote policy-making that stimulates investment.

H.E. Minister Al-Mashat emphasized the importance of the “Network to Mobilize Investment for Clean Energy in the Global South” in enhancing efforts to increase investments in renewable energy. H.E. Dr. Al-Mashat highlighted that the digital guide, which will include 100 successful clean energy investment models from various emerging and developing economies, will boost knowledge exchange and replication of successful practices.

Al-Mashat also noted the exploration of synergies between the upcoming guide and the “Sharm El-Sheikh Guidebook for Just Financing,” launched as a presidential initiative in Egypt’s Sharm El-Sheikh at COP27, aimed at promoting just climate financing through 12 key principles. These principles serve as a framework for stimulating partnerships between all relevant parties, particularly the public and private sectors, to drive the transition to a sustainable green economy.

H.E. Minister Al-Mashat pointed out Egypt’s innovative experience with the launch of the country platform for the “NWFE” program, which serves as a model for climate investment mobilization efforts. The Ministry successfully applied just financing principles and innovative mechanisms in the “energy” sector of the program to stimulate investment and attract private sector funding. Additionally, a recent workshop was held with the Tanzanian government to exchange experiences and knowledge on platform establishment and project formulation within South-South cooperation efforts. Egypt’s leadership of the New Partnership for Africa’s Development (NEPAD) also offers opportunities to enhance cooperation with African countries, stimulating clean energy investment and knowledge exchange.

During the meeting, Ms. Justine Roche, Lead of the WEF’s Energy Initiatives, presented developments in the network which now includes 49 members: 14 countries and 35 civil society organizations and major private sector institutions such as JPMorgan, the International Renewable Energy Agency, and Standard Chartered.

Al-Mashat also outlined efforts to prepare a comprehensive guide of solutions, successful policy models, risk reduction tools, and investment mobilization mechanisms for expanding clean and renewable energy.

Distributed by APO Group on behalf of Ministry of Planning and Economic Development – Egypt.

The Foreign Ministry has welcomed the joint statement issued by the President of the United States of America, the President of the Arab Republic of Egypt and the Emir of the State of Qatar regarding the necessity of completing the ceasefire agreement and releasing hostages and detainees in Gaza.

The Sultanate expressed its appreciation of the ongoing efforts being made to reach this agreement and the calls for the resumption of negotiations on August 15 in Doha or Cairo.

The Ministry stressed Oman’s position on the importance of adhering to what was agreed upon and implementing it without any delay. It called on all parties to resume the urgent negotiations referred to in the statement with the aim of achieving the desired results and alleviating the suffering of the brotherly Palestinian people.

Distributed by APO Group on behalf of Foreign Ministry of Oman.

The Ministry of Finance, Planning and Economic Development is in final stages of drafting a National Tax Policy.

The policy expected to become public in December, will provide a set of guidelines for the taxation of goods, services and income as a vital tool for revenue mobilization.

The revelation was made by the State Minister for Finance (General Duties), Hon. Henry Musasizi, in a response to concerns raised in a statement by the Leader of the Opposition (LoP), Hon. Joel Ssenyonyi, during a plenary session chaired by Deputy Speaker Thomas Tayebwa, on Thursday, 08 August 2024.

Ssenyonyi’s was troubled by what he referred to as over-taxation, which he said has stifled aspirations of small business owners and working families across the country and emphasised the need to develop a comprehensive taxation policy to ensure that imposition of taxes is informed by a well-structured tax framework.

The LoP’s statement was in response to the President’s State-of-the-Nation Address delivered on 06 June 2024 at the Kololo Ceremonial Grounds.

Among Ssenyonyi’s other concerns was the rising unemployment and high cost of living, pointing out government’s failure to effectively utilise borrowed funds which has left many loans unutilised or mismanaged.

Musasizi noted that government’s increased investment in oil and gas, and related infrastructure development like the airport, oil roads and dams among other projects, has increased the country’s debt servicing obligations.

He added that Uganda’s nominal debt-to-GDP ratio stands at 46.91 per cent, which is below the 52.4 per cent stipulated in the Charter for Fiscal Responsibility.

“We have reviewed the entire loan acquisition cycle to ensure that we only sign up for projects that are ready for implementation. A comprehensive Public Investment Management Strategy framework has been developed to enhance the efficiency of public investments,” Musasizi said.

On the burden of high youth unemployment, the minister noted that government initiatives including the Parish Development Model, EMYOOGA and the Agriculture Credit Facility, among others, will boost enterprises and households in formal and informal economies.

“From 2019 to date, over 314,548 employment opportunities have been created under the EMYOOGA programme, and in 2023, a total of 51,841 jobs were created by Enterprises funded by Uganda Development Bank,” Musasizi added.

Musasizi said the development of automated systems in key accountability areas through the Integrated Financial Management System and electronic Government Procurement, are among measures to counter corruption in the country.

“Automation is one of the many ways through which corruption in government can be minimised, because it limits direct access or human interface between public officers and citizens, hence eliminating the opportunity for an act of corruption,” said Musasizi.

He added that digitalisation will address the shortage of medicines in hospitals as there will be a link between delivery, storage, diagnosis, prescription and dispensing.

Distributed by APO Group on behalf of Parliament of the Republic of Uganda.

Millions of displaced people in Sudan, already suffering from the devastating impact of a nearly 16-month-long war, are now grappling with worsening conditions due to heavy seasonal rains and flooding, the Office of the UN High Commissioner for Refugees (UNHCR) said on Friday.

The conflict, which erupted last April between rival militaries – the Sudanese Armed Forces (SAF) and the Rapid Support Forces (RSF), has left over 12 million people displaced, both within Sudan and across its borders.

“Heavy rains and flooding have already impacted tens of thousands of people across Sudan, causing further displacement, injuries and deaths,” UNHCR spokesperson Olga Sarrado told journalists at a regular press briefing at the UN Office at Geneva (UNOG).

In the past two weeks, refugees in eastern Kassala province have been impacted by severe floods, including many families who recently arrived after fleeing violence in Sennar state and who were sheltering in five gathering sites and reception centres.

Displaced multiple times

Ms. Sarrado informed the press that the displaced have been forced to move three or four times since the start of the conflict.

“They have lost their belongings, including food rations, and are facing significant challenges in accessing clean water and sanitation facilities, increasing the risk of waterborne diseases,” she said.

“[We] and our partners are on the ground making every effort to assist the most vulnerable. Together with state authorities, new land has been identified where tents are being set up to accommodate the affected families,” she added.

Children most at risk

Children, meanwhile, continue to remain most at risk. On top of the prevailing insecurity and multiple displacements, their futures are also at risk.

According to the UN Children’s Fund (UNICEF), 18 million children in Sudan are out of schools.

Sheldon Yett, incoming Representative for Sudan at UNICEF, spoke with UN News from Port Sudan, stressing that classes, even if remote, are vital.

“It provides a location, a sense of normalcy for children, a place for them to meet with their friends, their peers, to feel at home. It is crucial that we get schools up and running, that we get them open, that schools are actually used for education, not for displaced centres, but for places for students for learning. And we have more work to do on that,” he said.

“This is the largest displacement crisis in the world right now. Many schools are hosting displaced populations. We need to ensure those schools are reopened for children.”

Flooding situation

According to UNHCR, the situation is particularly dire in Shagarab refugee camp, where more than 400 shelters have been destroyed, leaving an already vulnerable population in even greater distress.

As the rains continue, the agency’s teams are bracing for further impacts in other states, including Gedaref, White Nile, and Blue Nile, prepositioning key relief items and shelter kits, cleaning drainage systems and building dikes to protect.

However, in the war-torn Darfur region, flooding is severely hindering the ability of aid agencies to reach those in need, exacerbating an already catastrophic humanitarian situation.

Decimated livelihoods

The conflict in Sudan has decimated crops and livelihoods, with the climate crisis further endangering the displaced population. Flooded land has rendered farming impossible, intensifying hunger in regions already plagued by drought and violence.

Considering the escalating crisis, UNHCR launched a regional floods appeal for nearly $40 million to assist and protect 5.6 million refugees, returnees, internally displaced persons (IDPs) and local communities across East Africa, including in Sudan.

So far, however, only $5 million of the needed funds have been secured.

Distributed by APO Group on behalf of UN News.