Green growth and sustainable development not mutually exclusive: Sisi at global financing summit in Paris

Ahram Online , Thursday 22 Jun 2023

Egypt sees that green growth and sustainable development are not mutually exclusive and can be pursued simultaneously, noted President Abdel-Fattah El-Sisi on Thursday at the Summit for New Global Financing Pact, which is held in Paris 22-23 June.



President El-Sisi's remarks came during roundtable discussion titled "A New Method: Green Growth Partnerships".

The leaders of the Congo, South Africa, Colombia and President of the European Commission were other participants in the roundtable discussion, which was moderated by France’s Minister for Europe and Foreign Affairs Catherine Colonna.

In his remarks, President El-Sisi asserted that Egypt and other developing countries are financing economic development under new paradigms which aim to meet the challenges of climate change and achieve green growth.

 “We as developing nations have not caused the problems of climate change but we are the most affected by them," El-Sisi said.

Egypt: Meeting challenges

President El-Sisi said COVID-19 pandemic exasperated the debt problem in developing countries.

However, Egypt managed its debt within its vision for sustainable development, he noted.

The country achieved a growth rate of 6 percent in the years before the crisis triggered by the pandemic and the onset of Russian-Ukrainian conflict.

In 2016, Egypt launched an economic reform programme to meet economic challenges and achieved big success, El-Sisi said.

"Egypt's vision for achieving growth is based on providing job opportunities and decent living through a fair transformation of production patterns," El-Sisi explained.

Additionally, El-Sisi emphasized the importance of implementing fair financing practices as the central factor in achieving sustainable development.

The roundtable discussion addressed various climate, biodiversity and development challenges faced by many countries around the world.

Speakers stressed the need for governments to play a central role in developing multi-stakeholder partnerships with finance institutions to implement fair energy transition (JETPs), facilitate access to technologies and innovation as well as strengthen preservation of biodiversity.

According to the roundtable agenda, such partnerships can help mobilize a wide range of international and domestic, public and private financing tools like concessional loans, guarantees, debt swaps, carbon markets, hybrid financing and investments.

New course on financing

The Egyptian president had arrived in Paris on Wednesday to attend the global climate summit.

The Summit for New Global Financing Pact is organized by France, Barbados and India to address climate change, biodiversity crises, and development challenges.

During his opening speech of the Summit, French President Emmanuel Macron stated that no country should have to choose between tackling poverty and dealing with climate change at a summit tasked with reimagining the world's financial system.

Macron told delegates that the world needs "public finance shock" to fight these challenges, adding the current system was not well suited to address the world's challenges.

"Policymakers and countries shouldn't ever have to choose between reducing poverty and protecting the planet," Macron said.

The summit aims to set the foundations for a new global financing architecture and  restore fiscal space to countries facing short-term difficulties, particularly the most indebted countries as well as promote private sector development in low-income countries.

Short link: