The Ministers of Planning, Environment, and Finance meet to discuss ways of green economic tools within the framework of the transition towards a green economy

Green investments have reached 30% of this year's budget, and a decent life is our way to settling the sustainable development goals: Says Hala El-Said
Setting standards for green incentives and working to attract investment opportunities to establish green projects in the priority sectors of the state: Says Yasmine Fouad

Dr. Hala El-Said, Minister of Planning and Economic Development, Dr. Yasmine Fouad, Minister of Environment, and Dr. Mohamed Maait, Minister of Finance held an expanded meeting to discuss green economic tools and develop transformation mechanisms for green recovery within the framework of the President’s directives.

The meeting took place in coordination between the various state agencies in this field, which requires taking many measures and financing facilities to attract green investments and take advantage of financing opportunities for green projects.

Dr. Hala El-Said, Minister of Planning and Economic Development, stressed the importance of green incentives and their role in the process of attracting investments in the private sector, especially after 30% of the state’s general budget investments have become green investments in the fields of transportation, water, sanitation, irrigation, and electricity.

El-Said noted that the government aims to reach the percentage of green projects to 50% of budget projects in 2024.
The Minister of Planning and Economic Development added that the country's green recovery strategy includes more of these incentives to ensure the settlement of sustainable development goals, within the framework of implementing the presidential initiative, “A Decent Life”.

Dr. Hala El-Said also reviewed what is happening in the modernization of Egypt's Vision 2030 and the extent of the vision's interest in its updated version to achieve green recovery, the issue of water scarcity and population increase, and some issues that have arisen during the past five years, as well as the future issues that Egypt is expected to face in the coming years, foremost of which are the issues environmental.

The Minister of Environment, Dr. Yasmine Fouad confirmed that Egypt has taken many serious steps in some green projects, including issuing a guide to environmental sustainability standards for projects within the state's development plan and issuing green bonds in cooperation with the Ministry of Finance.

 “Coordination of the efforts of the government and the financing and executive sectors with the Ministry of Environment is currently underway to keep projects and policies in line with global trends, international commitments, and national priorities in the field of protecting natural resources and limiting the negative effects of climate change,” Fouad added.

The Minister of Environment added that the trend is currently towards environmentally friendly projects to help achieve sustainable development goals on the one hand, in addition to increasing the state's financial resources and involving more green investments in the private sector in light of the different state's view that the environment has an added value and is not an obstacle to investment.

The Minister of Environment explained during the meeting that the goal of having green incentives is to stimulate the private sector and attract investment opportunities to establish green projects in the priority sectors of the state and to work to stimulate sectors that are in line with the international investment agenda to attract investments and international financing to the Egyptian market.

Fouad continued that work is being done to develop classification criteria for green incentives, whether in reducing environmental pollution, mitigating the effects of climate change, energy efficiency, renewable energy, clean transportation, and preserving biodiversity, in addition to sustainable environmental management of natural resources, green buildings, friendly products, and systems.

For his part, Minister of Finance Mohamed Maait stressed that green finance is an essential part of the global system, and a strong move is being made towards expanding the financing of projects compatible with the environment to reduce pollution and preserve the health of citizens, noting that Egypt is the first country in the Middle East and Africa to issue green bonds.
He added that Egypt, with hosting the Climate Summit next year, will prove to the world that it has taken serious steps for green recovery, through projects that promote this trend in the field of renewable energy and the "Decent Life" initiative.

He explained that the shift towards a green economy takes a large space in the discussions and strategic visions of the state.
“There is harmony between state institutions to attract development funds for major environmentally-friendly projects, especially in light of the global strategy towards green finance,” He added.

During the meeting, examples of international experiences that have made great strides in implementing green economic tools and legislative materials supporting the implementation of green economic tools in the Environmental Protection and Investment Law and the Investment Regulation and Waste Law were presented.