Preparations continue in Egypt to host the COP27 climate summit, next November in Sharm El-Sheikh, where Egyptian ministers will hold meetings with international officials, actors in climate action, and leaders of international organizations participating in the work of the conference.
The Egyptian Minister of Environment, Dr. Yasmine Fouad, met with a delegation of American institutions working in the field of green energy investment, where she reviewed green investment opportunities, as well as the models that Egypt will present for implementation projects to counter the effects of climate change, according to the ministry’s statement.
The Minister of Environment said that the meeting is of particular importance related to fueling the opportunities for Egyptian-American partnership and cooperation in the field of climate change, not only because of Egypt’s hosting of the COP27 climate summit, but also to discuss mechanisms of collective action to confront the effects of climate change and accelerate the pace of climate action with real executive measures.
private sector partnership
The Egyptian Minister of Environment explained that Egypt is working on mechanisms to engage the private sector, in light of the completion of the National Climate Change Strategy 2050, and opportunities for cooperation in the areas of mitigation and adaptation to the effects of climate change, by discussing the incentives required to encourage private sector participation in green projects, and identifying opportunities Available investment, and the road map prepared by Egypt in this field.
She pointed out that the past period witnessed a set of important steps to support partnership with the private sector and development partners in the field of climate, including the completion of the National Climate Change Strategy 2050, which links climate and development by taking into account social and economic considerations and the sustainable development of the state.
This strategy includes 5 components, namely mitigation, adaptation, financing, climate governance, science and technology, among which a list of programs and projects has been developed based on the country’s requirements, to achieve progress in addressing the effects of climate change.
Fouad talked about green incentives, as one of the most important pillars of creating a supportive environment for implementing strategic projects and involving the private sector in green investment.
The first phase of the strategy’s project packages, which provide opportunities for effective participation of the private sector in investing in these projects, was based on 4 priority areas, namely green hydrogen, electric transport, waste management and alternatives to single-use plastic bags.
Green investment in Egypt
The Minister of Environment reviewed examples of green investment opportunities in Egypt, in a number of sectors, including raising ambition and investing Egypt’s experiences and successes in the field of renewable energy, through the implementation of a program in partnership with the Ministry of Electricity and Energy, as part of mitigation efforts and the strategy of national contributions.
It aims to replace 5 gigawatts of thermal power plants with renewable energy plants, which means producing 10 gigawatts of renewable energy in Egypt, contributing to reducing 22 million tons of carbon emissions annually.
According to the minister, there are opportunities for cooperation in the transportation sector through the project of the bus system on the ring road, to encourage citizens to replace their cars with public transportation, and to promote the transition to sustainable buses.
In the field of water, Fouad emphasized that the solar water desalination project is a realistic model for linking adaptation and mitigation measures, as 6 solar water desalination plants will be implemented in Matrouh, Alexandria, Port Said and the Red Sea.
Reduce oil and gas emissions
The Minister of Environment said that there have been discussions recently on mechanisms to reduce fossil fuel emissions, and there are a number of important projects in this field, including the bioethanol production project with the aim of reducing greenhouse gas emissions, as well as the biofuel production project from algae with the participation of the private sector, and the production of biodegradable plastic Production of fuel from plastic waste.
She explained that there is an importance to achieve adaptation in the agricultural sector to the effects of climate change and food security, especially in light of the critical conditions the world is facing with the increasing global economic crisis, so this sector is one of the most important topics of the COP27 climate summit initiatives.
The Minister of Environment explained that adaptation projects are calculated for their success by looking at the number of individuals who benefit from them, and there are projects that are realistic models that can be presented during the COP27 climate summit, which requires the presentation of successful experiences and implementation projects.
She stressed that Egypt, through its presidency of the COP27 climate summit, took upon itself to present pioneering models to the world through good preparation of the road map and providing investment incentives, cooperation opportunities and project models.
European Investment Bank
In a related context, the Minister of International Cooperation, Dr. Rania Al-Mashat, met with the Vice-President of the European Investment Bank for Climate Activities, Ambroise Faioli, to discuss joint development cooperation relations.
During the meeting, Al-Mashat stressed the close cooperation between the Egyptian government and the European Investment Bank in various fields of development, and future opportunities for cooperation, including the production of clean energy and green hydrogen.
She noted that during the years 2020 and 2021, the Bank made available about 3.35 billion euros ($3.5 billion) in development financing to the government and private sectors, including development cooperation agreements with the government worth 1.5 billion euros in several vital sectors, namely transport, water and water treatment.
The Bank also contributed to providing development finance to the private sector amounting to 1.85 billion euros during the same period, pointing out the importance of highlighting the successful cooperation projects implemented between the government and the Bank during the COP27 climate summit.
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