Egypt: The Minister of Environment, Yasmin Fouad, participates in the Egyptian-African Entrepreneurs Association virtual panel on the future of investment in adaptation projects in Egypt and the African continent.
According to the reports, Environment Minister Fouad reviews Egypt’s steps in preparing a supportive climate to face the effects of climate change.
She stated that the Novi program and the National Plan for Investment in Climate are real steps to encourage the private and banking sector to invest in adaptation projects as a priority for Egypt and the African continent.
In addition, the Minister of the Environment participated in the discussion session of the Green Economy and Environmental Affairs Committee of the Egyptian and African Entrepreneurs Association through a video conference feature entitled “Future investments in climate adaptation projects in Egypt and the continent” in the presence of a group of experts and academics in the field of environment, energy, technology, education and investment.
On her part, Yasmin Fouad further emphasized that the Environment and Climate Investment Unit provides a great opportunity for entrepreneurs and start-ups to invest in green and climate projects. She noted that the online conference was essential in taking forward the discussions regarding the issue.
The Minister of the Environment further stressed the importance of discussing the future of investment in adaptation in Egypt and the continent at this critical time when various countries of the world are suffering from the effects of climate change either on ecosystems, availability of energy sources or the impact on the lives of citizens, forcing them to migrate from one place to another, and also in the light of economic challenges Universal.
The Minister pointed out the steps taken by Egypt over the past period to counter the effects of climate change and put it on the national priority agenda, including at the institutional level and improving climate governance by establishing the National Council for Climate Change and placing it under the supervision of the Prime Minister and the membership of relevant ministries.
“The National Climate Change Strategy 2020 and a Plan Updated National Contributions 2019, as two important documents to map the roadmap for efforts to counter the impacts of climate change in the coming period, especially in the climate investment file,” she noted.
Egypt has taken early steps to counter the effects of climate change, even before considering hosting the COP27 climate conference, starting with heading to expand renewable energy production with many projects such as wind farms and Banban solar power stations.
The Minister explained. The dollar also implements significant steps in energy efficiency, especially in industrial facilities, water recycling projects and cleaner production technologies, which has been done in cooperation with the private sector, achieving mutual gains for the environment and investment.
The Environment Minister also emphasized the launch of the National Climate Investment Plan, which aims to look at projects that engage the private sector in facing the effects of climate change, either by mitigation or adaptation, through the National Climate Change Strategy and the updated National Contribution Plan.
In the end, Minister Yasmin Fouad concluded that engaging the private sector in adaptation projects is a real challenge, considering them unattractive projects for the banking sector, so by launching the Novi program, Egypt aimed to focus on increasing the volume of renewable energy production and utilizing it in water sweetening and agriculture as adaptation projects.