Green economy is a key to sustainable development and eradication of poverty, besides consolidating resilience of the African countries to withstand repercussions of shocks like the Covid-19 pandemic, Minister of Planning and Economic Development, Hala el-Said, has said.
Minister el-Said Sunday addressed a session themed ‘greening the economy and decarbonisation’, held on the second day of the Fifth High Level Meeting of the Chief Justices and Presidents of the African Constitutional Courts, Supreme Courts and Constitutional Councils, Red Sea resort of Sharm el-Sheikh, June 11-20.
Strong institutions, frameworks of governance, and a favourable legislative environment, are pre-emptive requirements for a smooth transmission to green economy on the continent, shenoted, and also stressed the role of the Africa constitutional courts, supreme courts and constitutional councils in this respect.
El-Said’s address focused on mainly four points: the opportunities and challenges facing Africa, the green economy, the fallout of Covid-19 and the exchange of key experiences and practices.
According to the minister, Africa’s real GDP is expected to grow by 3.4 per cent in 2021, after a drop to 2.1 per cent in 2020, referring to the enormous natural and renewable and non-renewable power resources on the continent.
In order to convert to green economy and a low-carbon future, Africa needs to invest in sustainable investment, technological transformation and capacity building, the minister said. She also underlined the need forthe partnership between the public and private sectors and the role of development partners and stakeholders as well as the market forces to support the transition.
El-Said pointed to the rise of green bonds and loans from zero 10 years ago, to about $320 billion across the world this year.
Meanwhile, the minister addressed Egypt’s efforts for green recovery of the pandemic fallout, saying that the country focused on investing in the human elements and reorganizing priorities of development, with stress on social protection, supporting the most needy classes and the non-official and the health sectors.
The criteria of environmental sustainability have been endorsed for a green investment plan, she said
She also referred to Egypt’s issuance of green bonds worth $750 million,which made it a pioneer in the Middle East and Africa region in the field.
