CAIRO – Egypt’s Environment Minister Yasmine Fouad met with Executive Director of the Green Climate Fund (GCF) Yannick Glemarec to review preparations for the UN Climate Change Conference 2022 (COP27).
Cooperation with the banking sector through green and sustainable finance will be more comprehensive, whether for mitigation or adaptation as it will help implement more projects that may not be directly related to climate change, such as biodiversity conservation, that can be financed through nature bonds and will help access for global financing, especially with the tendency of global development banks not to finance projects that do not include the environmental and climate dimension, Fouad said.
The two sides discussed ways to translate the National Climate Change Strategy 2050 into an investment plan that can attract funding and identify requirements for government support and aspects of development in supportive policies.
Glemarec said his visit included an assessment of the readiness of climate projects in Egypt and ways to involve the private sector in the green transformation path.
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