CAIRO – Egyptian Finance Minister Mohamed Maeet said on Thursday Egypt, under its wise leadership, is keen on rendering the 27th session of the Conference of the Parties (COP 27) to the UNFCCC, to take place in Sharm El-Sheikh in November, a success.
During a meeting with UN envoy on Climate Action and Finance Mark Carney, Maeet hoped the climate summit would come up with serious and applicable recommendations that would back African and developing nations to face repercussions of climate change and guarantee necessary funds to convert to green economy.
He said the Egyptian government is exerting utmost efforts to get ready for the summit and that it formed a high-level committee headed by the prime minister to guarantee best preparations for it.
As part of transformation into green economy, Maeet said Egypt is taking steady strides as regards setting up environment-friendly projects, noting that Egypt is the first country in the Middle east and Africa that sells green sovereign bonds.
Green bonds are fixed-income instruments designed specifically to support specific climate-related or environmental projects.
The UN envoy expressed hope of cooperating with the Egyptian government to render the COP26 summit a success.
Egypt is growing more concerned about climate change, as it faces losing 12 to 15 percent of the total area of the Nile Delta as a result of an expected rise in the Mediterranean Sea’s water level and the intrusion of saline water.
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