People around the world agreed that climate change has become the most pressing issue, and that it requires a global plan to face it with utmost decisiveness and speed, Egypt’s Prime Minister Mostafa Madbouly said Tuesday during the World Youth Forum in Sharm El-Sheikh.
It comes during a session entitled, “The Road from Glasgow to Sharm El-Sheikh, to confront climate change”.
With more than 10,000 metric tonnes of greenhouse gases in the air – equivalent to the weight of 170,000 people – the Arctic ice pack has become in danger and the sea level has increased unprecedentedly.
Madbouly referred to the negative repercussions of climate change on global economies, pointing out that according to expert estimates, the global economy lost $3.6trn due to natural phenomena caused by climate change.
The Prime Minister added that the whole world has witnessed an increase in deaths as a result of rising temperatures, estimated at about 300,000 people annually.
He noted that 325 million people are expected to suffer from extreme poverty, and 216 million people will be forced to migrate internally as a result of climate changes.
Therefore, the UN Climate Change Conference 2022 (COP27), which will be held in Sharm El-Sheikh, is very important to establish an executive framework to confront this problem, he added.
Madbouly explained that international institutions concerned with climate change said that Egypt is one of the most vulnerable countries to the consequences of this situation, despite its limited responsibility for greenhouse gas emissions, estimated at 0.6% in 2015.
Egypt possesses the largest production capacity of wind and solar energies in the Middle East and North Africa (MENA) region. Madbouly revealed that Cairo developed a plan to triple these capacities during the coming period.
Moreover, Fitch confirmed that Egypt will be one of the fastest growing non-hydroelectric renewable energy markets in the region over the next 10 years.
During the WYF session, Madbouly reviewed the Egyptian efforts to confront climate change; through five tracks, mainly reducing emissions resulting from using fossil fuels. He added that Egypt, through the National Council for Climate Change, launched a national strategy to mitigate climate changes. In this context, Egypt implemented major projects in the field of water conservation, canal lining, and beach protection. Egypt also aims to establish many green projects, with green investments accounting for 30% of public investments during the current fiscal year, and expected to reach 50% during the next two years.