Prime Minister Mostafa Madbouly during the inauguration of Egypt s Environmental and Climate Investment Forum.
"Egypt intends to leverage this forum to follow up on the outcomes of the Sharm El-Sheikh's COP27 while transforming them into practical steps for Egypt, African nations, and developing countries at large,” PM Madbouly said during his speech at the opening session of the one-day event.
Egypt also aims to share its experiences and expertise during the COP28, to be held later this year in the UAE, and beyond, according to Madbouly.
In his speech, the prime minister announced the launch of an e-platform for environmental and climate investments.
The English and Arabic e-platform aims to link investors to business opportunities across Egypt in the field of green economy.
These include opportunities in waste management, sustainable energy, eco-tourism, bio-based industries, agriculture, and food production.
It will also provide market data, climate-related studies, and information about green financial facilities offered by leading banking institutions.
Meanwhile, Minister of Environment Yasmine Fouad said the forum will be held every year to showcase green investment opportunities as part of the country's sustainable development strategy,
The first edition features six sessions to discuss climate and environmental investment in Egypt, highlighting opportunities and outlining regulations for both the private and public sectors.
It will also present non-traditional investment opportunities in environmental tourism as well as agricultural and demolition waste management.
Financing climate action
On Sunday, speaking at the G20 Summit in India, President Abdel-Fattah El-Sisi stressed the importance of improving international financing for climate action and development.
“Our commitment to the Sustainable Development Agenda and the goals of the Paris Agreement on Climate Change requires us to ensure the availability of the necessary financing and improve the international financing system and the practices of multilateral development banks (MDBs),” stressed El-Sisi.
The Egyptian president proposed that MDBs increase their lending capacity by providing concessional financing and prevent climate finance from overlapping with development finance, he added.
At COP27 last year, El-Sisi called on developed countries to fulfill their obligations to fund climate action in developing countries, in addition to transferring the necessary technology.