On WEF sidelines in Davos : Egypt’s Planning Minister participates in the session on the transition to net zero emissions

Switzerland - January 20, 2023
 
H.E. Dr. Hala El-Said, Minister of Planning and Economic Development, participated in the session on accelerating the transition to net-zero emissions, which was held during the activities of the 53rd edition of the World Economic Forum (WEF) in Davos, Switzerland.
 
El-Said discussed COP27, which Egypt held last November, explaining that it was the “implementation” summit, which was taken seriously by the entire Egyptian government in preparation for, during, and after the conference.
 
El-Said indicated that Egypt launched several initiatives during the conference that seek to translate mere pledges into concrete actions.
 
El-Said added that at the global macro level, a reasonable agreement was reached regarding losses and damages and what has been achieved in the issue of financing related to the effects of climate change on weak countries that are already facing various social and economic challenges.
 
El-Said explained that these challenges include high levels of poverty, poor infrastructure, and weak economic foundations.
 
El-Said pointed out that adaptation represents a broad area of interest, due to feeling the effects of climate change more now, stressing the importance of enhancing adaptation and resilience to reduce future losses.
 
El-Said noted that the adjustment financing gap is increasing and that the financing mechanisms that are available add to the debt levels of developing nations, which are already high.
 
 
 
 
 
Speaking at the national level, El-Said noted that Egypt launched some initiatives during COP-27, many of which were pioneered by the Ministry of Planning and Economic Development.
 
El-Said touched on launching the "A decent life for Africa resilient to climate change" initiative, which seeks to replicate Egypt's success story demonstrated by its massive multi-dimensional poverty eradication project targeting more than half of the total rural population.
 
El-Said indicated that the primary goal is for each African government to work with different partners to improve the quality of life in 30% of the most vulnerable and poorest regions by 2030, in a climate-smart manner.
 
El-Said also referred to the “Friends of Greening National Investment Plans in Africa and Developing Countries” initiative, explaining that the initiative seeks to transform a national success story into a global success story, to increase the share of green projects in national investment plans to 30%.
 
El-Said said that Egypt aims to reach 50% green projects in the investment plan by next year.
 
El-Said added that this initiative supports a strong governance system to ensure adherence to agreed standards, adding that multilateral organizations such as the World Bank and United Nations agencies play a vital role in providing technical support to countries in this regard.
 
El-Said also referred to the "National Initiative for Smart Green Projects", which emerges from the understanding that development and change begin at the local, basic level, adding that this initiative is similar to a competition that seeks to integrate innovation and raise awareness of climate action.
 
On the investment side, El-Said talked about the Sovereign Fund of Egypt, which aims to support a fair energy transition.
 
El-Said pointed out that 9 prominent framework agreements were signed during the Conference of the Parties for the production of green hydrogen, with investments amounting to about $85 billion.
 
Other agreements have also been signed to establish huge renewable energy plants, in addition to the green water desalination program being implemented to complement these efforts.
 
El-Said added that EGYCOP was also launched as the first direct investment company in Egypt to offset emissions and private sector participation in financing.
 
El-Said also touched on the pivotal role that public-private partnerships can play in financing a just energy transition, as they provide countless benefits, including spreading the costs of large projects over a longer period.