On Cop28 sidelines: Egypt’s Planning Minister participates in a side event entitled “IOE Panel on the Just Transition Work Programme”.

H.E. Dr. Hala El-Said , Minister of Planning and Economic Development, participated in a side event entitled “IOE Panel on the Just Transition Work Programme”.

(IOE) ____International Organization of Employers 

The event took place during Cop28 which is currently being held starting from November 30 to December 12, 2023, in Dubai.

During her speech, El-Said said that such multi-stakeholder “IOE Panel on the Just Transition Work Programme” session, which focuses on a topic of utmost importance, is a testament to the international shared commitment to confronting the current critical challenges.

“This requires transforming intentions into impactful, action-oriented achievements on the global stage,” she added.

El-said stressed the imperative need to increase climate financing by 590%, to reach $4.35 trillion annually by 2030.

El-Said explained that in the face of crises, whether economic, health-related, or geopolitical, the impact on the global labor employment is “Profound”

“The Covid-19 pandemic led to widespread unrest, causing global unemployment to increase by 8.8% in 2020, equivalent to the loss of 255 million full-time jobs globally” she said.

She further noted that the emergence of (AI) exacerbates fluctuations in labor markets, which underscores the need for adaptive measures and sustainable solutions.

El-Said pointed out that in the current era, the concept of “Just Transition ” is gaining momentum as it has become the compass that guides the world towards a future in which economic progress is consistent with social justice. 

El-Said highlighted that during Egypt’s presidency of Cop 27 , the Egyptian state demonstrated its support to achieving progress in implementing the global climate commitments.

“Bold climate action requires adequate financing directed at both mitigation and adaptation, which requires innovative financing mechanisms and investments” she stressed.

Egypt is keen to build a comprehensive and sustainable future for the upcoming generations through empowering private sector toward investing in green sectors,according to El-Said.

 El-Said concluded her speech by asserting Egypt’s commitment to strengthen the ecosystem that supports green initiatives, and to provide incentives for green hydrogen projects.