Cop 27 "Solutions Day" Highlights:Minister of Planning and Economic Development launches 1st Egyptian fund to invest in projects that issue carbon certificates, in Egypt.
17 November 2022
H.E. Dr. Hala El-Said, Minister of Planning and Economic Development, witnessed on Thursday the launch of the first Egyptian fund to invest in projects that issue carbon certificates, entitled (EgyCOP).This came during the activities of the "Solutions Day", which is supervised by the Ministry of Planning within the activities of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP27), which Egypt is hosting in Sharm El-Sheikh from November 7-18, with wide international participation.At the beginning of her speech, Dr. Hala El-Said confirmed that EgyCOP is the first of its kind in the Egyptian market, noting that it is a vivid example of the vision of this year's COP presidency, as it represents a tangible step forward toward cooperation in implementing innovative solutions that can help our world fight climate change.The Minister of Planning stressed that with this launch, Egypt and Africa will have a more prominent role in investing in balancing emissions. She noted that Egypt has a variety of qualified projects that can help reduce carbon emissions in the transport, energy, solid waste, and biodiversity sectors.Dr. Hala El-Said also emphasized that EgyCop provides more functional space for the release of public funds towards adaptation projects, especially in the current context of slowing global economic activity and limited financial resources.El-Said said there is a clear complementarity between the main objective of EgyCOP and the launch of the EGX Carbon Market during last week's Funding Day, as it also introduces the first private equity firm operating in voluntary carbon markets.El-Said indicated that this intersection of work and initiatives between policymakers and the private sector confirms Egypt's commitment to taking transformative steps toward climate action.The Minister of Planning and Economic Development added that the incorporation of the Sustainable Development Goals (SDGs) into the criteria used by the gold standard in measuring verifiable emissions reductions will have significant impacts on accelerating the achievement of the Sustainable Development Goals by 2030.El-Said explained that this reflects the alignment of efforts made at the national level to achieve the goals and objectives of Egypt's Vision 2030.At the end of her speech, El-Said asserted that the Ministry of Planning and Economic Development remains committed to supporting the implementation of private sector participation not only in the Egyptian economy but also on the African continent, for a positive, measurable and tangible impact on the climate.It is noteworthy that the Egyptian Fund for Investment in Projects that issues carbon certificates, EgyCOP, has an authorized capital of 1 Billion EGP.