Egypt s Foreign Minister and COP27 Sameh Shoukry at the Climate Ambition Summit on Wednesday in New York on the sideline of the UNGA 78. Photo: Egyptian Foreign Ministry.
In his speech, Shoukry said the summit is a reminder of the international community's commitment to taking bold and ambitious steps to save the planet for future generations, the foreign ministry said.
Shoukry discussed Egypt's vision for energy transition as a responsible member of the international community and president of COP27.
This vision is reflected in several plans, including the 2050 Climate Strategy, the 2030 Sustainable Development Plan, the Nexus of Water, Food, and Energy programme, and the third update of Egypt's nationally determined contributions.
Other measures include producing 42 percent of Egypt's energy mix from renewable sources by 2030 instead of 2035.
This will result in a reduction in carbon emissions by more than 10 million tons, the production of an additional 10 gigawatts of renewable energy, and the gradual phase-out of five gigawatts of fossil fuel-based energy production, at an investment value of more than $15 billion, Shoukry added.
The foreign minister reviewed Egypt's efforts to transform the transport sector to be more sustainable, as well as the expansion of the Suez Canal. Egypt is also working to become a regional energy hub, especially for green hydrogen, protect coastal areas, and enhance the resilience of the agriculture and water sectors.
On the challenges facing international climate action, Shoukry noted that many nationally determined contributions depend on receiving adequate financing, through grants and concessional financing, which has not been achieved to date. He pointed out that the costs of climate losses and damages have not been addressed.
Shoukry stressed the need to adopt a creative approach to dealing with the international debt crisis through debt-for-climate swaps, as well as to consider the social and economic dimensions through a just transition to a green economy.
He concluded by expressing his confidence that the existential threat of climate change can be overcome if there is a strong political will and international solidarity, similar to that reflected in the Sharm El-Sheikh Climate Conference.
The COP27 president expressed his confidence in Dubai's success in organizing COP28 in December.
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