During the activities of COP27 in Sharm El-Sheikh: Egypt’s Minister of Planning and Economic Development participates in a session entitled "The Road to a Green Economy: Along with COP27"

H.E. Dr. Hala El-Said, Minister of Planning and Economic Development, participated recently in the BEBA/EBCC Business Forum entitled “The Road to a Green Economy: Together with “COP27”, which was held within the activities of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP27).
The Climate Summit will be held in Sharm El-Sheikh from 7-18 November, in the presence of several world heads of state, along with more than 40,000 people representing about 190 countries.
During her participation, Dr. Hala El-Said emphasized that COP 27 provides a unique opportunity for cooperation between stakeholders to continue developing the vital file of climate finance and enhance communication between all partners to participate in creating investment opportunities.
El-Said noted the need to increase climate finance by $4.35 trillion by 2030 – to meet internationally agreed climate goals and to avoid the dangerous impacts of climate change; thus, achieving a real economic impact.
The Minister of Planning and Economic Development also asserted the Egyptian government's interest in forming partnerships, attracting increasing numbers of large and small companies, and discussing the solutions it offers to promote climate action.
Dr. Hala El-Said explained that the Egyptian government has taken several innovative policies that have been put into practice in this regard through a participatory approach, which helps create an enabling environment for climate action.
"Environmental Sustainability Standards" guidelines recommend that green projects should account for 40% of public investments in the period 2022-2023. According to El-Said, the target is also to increase to 50% by 2024-2025.
El-Said added that last May, Egypt launched the National Climate Change Strategy, which aims to promote innovative financing mechanisms that prioritize adaptation measures such as green bonds, in addition to enhancing private sector participation in climate finance and job promotion.
El-Said said that Egypt is the first country in the Middle East and North Africa region to launch "Green Bonds" worth $750 million to mobilize resources for green projects, especially in the field of clean transportation.
El-Said pointed out the readiness of the private sector in Egypt to launch "Private Green Bonds" with a value ranging between $ 120-200 million.
Dr. Hala El-Said also explained that Egypt continues to benefit from several policy tools to help attract private sector capital towards climate opportunities, particularly by expanding the list of companies eligible for tax benefits under the Investment Law.
El-Said explained that The Sovereign Fund of Egypt (TSFE) is working hard to mobilize private sector investments in the fields of renewable energy, green hydrogen, green ammonia, and water desalination.
El-Said emphasized that Egypt aims to become a center for green energy; this will require large investments from the private sector, noting the role of the sovereign fund in this regard.
On the presidential initiative "Decent Life", Dr. Hala El-Said said that it aims to improve the quality of life in rural areas, as it targets 58% of the Egyptian population with interventions to improve infrastructure, create decent job opportunities, and provide educational and public health services.