Egypt’s Environment Minister Yasmine Fouad said that linking climate change to investment is an innovative mechanism to reach more effective financing to confront climate change by stimulating the private sector.
Ahead of the 2022 UN Climate Change Conference, more commonly referred to as COP27, Egypt launched a set of green economic incentives related to projects of new energy and renewables, green hydrogen, waste management, and alternatives to plastic bags.
This came during her meeting on Monday with Mafalda Duarte, the Executive Director of the Green Climate Fund, the world’s largest multilateral climate fund, on the sidelines of their participation in the Africa Climate Summit 2023, held from September 4 to 6 in the Kenyan capital, Nairobi.
During their meeting, the two sides discussed unifying visions and enhancing cooperation to support environmental action and address the impacts of climate change, in cooperation with the Green Climate Fund as a strategic partner for environmental protection.
The environment minister added that her ministry has established an environment and climate investment unit with the aim of promoting investment in the environment domain and preparing investment packages for the private sector and reducing the risk of the sector’s participation by opening channels of cooperation with international and national banks.
Organized in parallel with the African Climate Summit, Africa Climate Week will provide a platform for policymakers, practitioners, businesses and civil society to exchange information on climate solutions, barriers to overcome and opportunities realized in different regions, leading to the first global stocktake concluding at COP28 in UAE in December of this year.
The Africa Climate Week will consider four major systems-based tracks, with a view to providing region-focused contributions to inform the global stocktake on: Energy systems and industry; Cities, urban and rural settlements, infrastructure and transport; Land, ocean, food and water; and Societies, health, livelihoods and economies.