Dr. Yasmine Fouad, Minister of Environment, confirmed that the launch of the Green Economy Financing Facility (GEFF EGYPT II) is an inspiring story and the result of 6 years of work, since the beginning of work on designing climate finance in Egypt, to move forward in encouraging the private sector to participate in financing climate projects.
This came in the presence of Dr. Rania Al-Mashat, Minister of International Cooperation, and Christian Berger, Ambassador of the European Union to Egypt.
The Minister of Environment indicated the importance of restructuring the view of the banking sector in Egypt to become more understanding of climate financing, because climate financing, with its mitigation and adaptation projects, faces special challenges in several sectors, such as the energy sector in general, as it is the most producing emissions, and also to contribute to the implementation of our national contribution plan. identified, and adaptation projects.
The minister pointed out that creating a supportive climate for the climate financing process requires that all partners gather around the same table, especially the banking sector, noting that Egypt, during the past seven years, has identified a number of requirements to create this climate, the first of which is finding financing capable of understanding the changing perception of the environment on the The national level, as well as the legislation and regulatory procedures, and the strategies that determine the way forward at the long-term level, including the Climate Finance Strategy 2050, and we were keen to put it in place to draw a clear road map that includes multilateral development partners, as well as the specific national contributions plan.
The Minister of the Environment stated that the milestones achieved by Egypt established the Egyptian journey to build a climate financing system, which began with the support of the Green Climate Fund by making important contributions in Egypt, whether at the level of mitigation in the energy sector, especially with investments exceeding half a billion dollars, as well as supporting adaptation projects.
The minister added that setting up regulatory procedures is an important step to support the implementation of strategies, so the first package of green incentives was put in place for the first list of priority sectors in Egypt, namely renewable energy, green hydrogen, waste management, and alternatives to single-use plastic bags, which are the same sectors that enjoy advantages in the law. investment.
The Minister of Environment referred to 3 important sectors to support the green transition in Egypt, the first of which is the waste management sector, especially after the development of the first law regulating waste management in Egypt that encourages the private sector to invest in this field, and helps implement the integrated waste management strategy in Egypt, in addition to providing incentives. To invest in waste management, such as setting a tariff for converting waste into energy, transforming the informal sector in the waste management system into an official sector through a number of measures taken by the state to provide social and health protection for them under the umbrella of social insurance and setting job titles for workers in the waste system, as well as the existing economy strategy It is based on vital materials, which were completed in cooperation with the United Nations Industrial Development Organization UNIDO in preparation for its launch. It is based on maximizing products from biological materials that help in optimal utilization of resources and achieve added value, such as the exploitation of agricultural residues for the production of compost and animal feed.
