Egypt ready to establish more green projects: PM tells Green Climate Fund director

Ahram Online , Monday 7 Mar 2022

Prime Minister Mostafa Madbouly said on Monday during a meeting with Executive Director of the Green Climate Fund Yannick Glemarec that Egypt is paying great attention to hosting the upcoming UN Climate Summit COP27, and that the country intends to build on the outcomes of the Glasgow Climate Change Conference.

PM Madbouly

The meeting between Madbouly and Glemarec was attended by Minister of  Environment Yasmine Fouad and Director of the Environment and Sustainable Development Department at the Foreign Ministry Mohamed Nasr.

The Egyptian PM lauded the Green Climate Fund for offering funds to finance four projects in Egypt worth $297 million to protect the northern coasts and implement the Benban Solar Plant, hailing its role in supporting climate issues globally, especially in African countries.

Located in Aswan, the Benban Solar Park houses more than 32 solar energy projects from photovoltaic cells with a total capacity of about 1,465 megawatts. It is considered one of the world’s biggest solar parks.

Egypt is ready to establish projects in priority areas in renewable energy, green transport, agriculture, protecting the Nile Delta and the northern coast, and water desalination, the PM said.

For his part, Glemarec stressed Egypt's importance for the fund's work domains, reviewing outcomes of his talks with Egyptian officials on projects that serve the goals of green transformation, including replacing old power plants with new ones that rely on renewable energy.

Glemarec also briefed Madbouly on his discussions with a group of representatives of Egyptian banks on the strategy for providing financing for green projects.

He also asserted the importance of turning initiatives and pledges into reality during COP27, saying the conference is an opportunity for Egypt to showcase its green projects to obtain the required funding for them.

Also during the meeting, Fouad reviewed cooperation proposals with the Fund and efforts exerted with Egyptian banks to increase the financing portfolio for green transformation projects. 

Egypt has been engaged in talks with a host of international partners amid preparations for COP27, which will be held in the city of Sharm El-Sheikh next November.

President Abdel-Fattah El-Sisi has stressed that the COP27 summit will support efforts to reduce carbon emissions and provide funding for developing countries to deal with the repercussions of climate change.

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