The Egyptian government aims to present 30 Egyptian projects that have been implemented to address the effects of climate change during the upcoming 27th Conference of Parties (COP27).
The government started its discussions and preparations to host the upcoming COP27 in Sharm El-Sheikh and organised a consultative session with Alok Sharma, the President of the COP26, to coordinate on the topics to be presented at the conference, heeding the interests of all countries and parties involved.
Yasmine Fouad, the Minister of Environment and COP27’s Ministerial Coordinator and Envoy, said that the session tackled the private sector initiatives resulting from the Glasgow conference and supporting top priority initiatives at the Sharm El-Sheikh conference.
Sharma said that the private sector financing initiatives were major outcomes of the Glasgow Conference and highlighted the role that Egypt can play in advancing these initiatives, especially in the field of energy transmission and expansion of electric transport.
A topic of major importance is also climate funding, especially after the private sector pledged to inject investments worth $130 trillion into climate projects before the end of 2050.
Sharma stressed the need to establish cooperation with Egypt to focus on encouraging the private sector in developing countries to fund these projects and participate in the process of development and transitioning into a green economy.
Furthermore, Minister of Electricity and Renewable Energy Mohamed Shaker said that Egypt has developed an ambitious plan to expand renewable energy projects and seeks to increase their contribution to 43% of the energy mix by 2035, noting that about 7,000 km have been allocated to establish renewable energy plants.
He explained that his ministry is working to improve energy efficiency, and the private sector is an important ally in implementing these projects.
Moreover, the government is seeking to improve the efficiency of the power generation process and reduce emissions. It is also working to produce electricity from waste recycling with a capacity of 300 megawatts and use electric cars on a larger scale.
Additionally, Minister of Planning and Economic Development Hala El-Said stressed that Egypt has developed a medium-term plan to increase the contribution of clean energy and apply environmental sustainability standards.
The percentage of green projects in the 2020/21 investment plan reached 15%, however, the 2021/22 plan has 30%, and the percentage is expected to rise to 50% by 2024/25.
