On the sidelines of COP27 in Sharm El-Sheikh: Egypt's Minister of Planning and Economic Development delivers an opening speech at McKinsey's Gala Dinner

H.E. Dr. Hala El-Said, Minister of Planning and Economic Development, gave the opening speech at the McKinsey CEO Dinner, on the sidelines of the 27th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change in 2022 (COP27).From 7-18 November, Egypt will host Cop 27 in Sharm El-Sheikh, in the presence of many heads of state, and more than 40,000 participants representing about 190 countries, as well as dozens of regional and international organizations.During the ceremony, Dr. Hala El-Said indicated that this year's COP27 conference aims to focus on evaluating the progress made by the world in implementing mechanisms to confront climate change.El-Said explained that although humanity has made remarkable progress over the years in this file, the countries of the Global South are now facing shortcomings in such rapid progress.Without prompt intervention, El-Said emphasized, the cost of structural damage caused by natural disasters in Africa will rise to $415 billion annually by 2030, compared to the current range of $250 to $300 billion, according to data from the United Nations Office for Disaster Risk Reduction.El-Said explained that the role of companies in combating climate change has evolved, but it has gained significant importance recently with mounting pressure on government resources and technical capabilities, and for this reason, encouraging private investment is of paramount importance not only in addressing funding shortfalls.El-Said shed light on the structural reforms program in Egypt that targets the real sector and the development of the role of the private sector in the economy.El-Said said that progress towards green transformation is the cornerstone of this program as we seek to direct foreign and domestic investments to green activities and sectors.The government also gives priority to pushing public-private partnerships mainly through The Sovereign Fund of Egypt (TSFE), explaining that TSFE was established 3 years ago as a reliable mechanism for the government to co-invest with local and foreign partners.El-Said emphasized that expanding renewable energy production capacity in Egypt will enable it to become a leader in areas such as green fueling and green water desalination, as well as the export of green ammonia and e-methanol.El-Said explained that green hydrogen in particular is a major area of interest because of its far-reaching uses.El-Said pointed out that TSFE seeks to expand in this field by providing green hydrogen production projects to the private sector.El-Said said one pilot project has already been implemented with local and international partners and will be launched within a few hours, with multiple other framework agreements signed on Energy Day on November 15.