Egypt to hold its first Environmental and Climate Investment Forum late July

Ahram Online , Wednesday 12 Jul 2023

Egypt is scheduled to hold its first Environmental and Climate Investment Forum at the end of July, said Minister of Environment Yasmine Fouad on Wednesday.

File Photo The Minister of Environment Yasmine Fouad in the opening ceremony of Chapter Zero Egypt a
The Minister of Environment Yasmine Fouad in the opening ceremony of Chapter Zero Egypt association.


The forum will review case studies and models of promising investment opportunities in non-renewable energy sectors, Fouad added. She noted that the event will be held under the auspices and in the presence of the prime minister.

The minister's statement was made during her participation in the inauguration of the Chapter Zero Egypt Association.

Chapter Zero Egypt is the first chapter in the region and the 27th of the global Climate Governance Initiative network. The launch of the Egypt chapter was supported by the European Bank for Reconstruction and Development (EBRD) as part of a memorandum of understanding signed between the EBRD and the initiative in 2022.

The Ministry of Environment is ready to collaborate with the association in raising awareness among youth and entrepreneurs, Fouad said. Moreover, she stressed the importance of providing technical support and mechanisms for private sector participation to achieve this goal.

During the ceremony, the minister expressed her appreciation for the private sector's efforts to invest in climate change and deliver a message to the world from the UN Climate Change Conference (COP27) to COP28, slated to take place in the UAE in November, that Egypt has a thriving private sector.

She emphasised the importance of going to COP28 with new ideas and noted that before COP27 when they were analyzing the situation of climate change, there were private sector investment opportunities in climate change mitigation and adaptation that amounted to $28 billion by 2030.

Egyptian Minister of Foreign Affairs Sameh Shoukry, who is also the president of COP27 Egypt hosted in November 2022, stated on Monday that Egypt is eager to increase public-private sector collaboration to enable the effect of the transition to sustainable energy sources.

During the meeting of the COP27 business leaders group, Shoukry emphasized the importance of the business community and corporates in dealing with the effects of climate change, as well as their participation in putting the outcomes of the Sharm El-Sheikh climate summit into action.

About the forum

The forum is set to present non-traditional investment opportunities to the Egyptian and foreign private sectors, including those in the vital economy. It will focus on creating opportunities in environmental tourism, agricultural waste, and construction and demolition waste, among other sectors, Fouad said.

The event will witness the launch of the first e-platform for the private sector to participate in environmental and climate issues, she pointed out. 
The minister lauded the participation of the private sector in the forum and its efforts to generate ideas for the Egyptian pavilion during the UN Climate Conference COP28, slated to take place in the UAE in November.

The forum is part of the Ministry of Environment's efforts to promote environmental and climate investment and encourage private sector involvement in this field, Fouad stated. 

In addition to the case studies, the forum will review six feasibility studies for projects ready for investment and highlight 49 other investment opportunities, the minister added.

After the forum, several sector-specific sessions will be held to raise awareness about promising opportunities in climate change projects for young graduates and entrepreneurs.

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