International Cooperation Minister Rania el Mashat has opened the proceedings of the Egyptian trade mission to the United Kingdom, which is organized by the British Egyptian Business Association (BEBA).
During the opening session, which was held under the rubric of “Implementing climate commitments, Mashat met with the BEBA’s members along with a host of British officials and representatives of mega British companies.
The 27th session of the Conference of the Parties (COP 27) to the UNFCCC, which is due to be held in Egypt in November, constitutes a great importance in pushing forward joint cooperation towards transforming the climate pledges into concrete action in order to address climate challenges which are besetting the whole world, especially the developing countries and emerging economies, Mashat said during the meeting.
Developed countries had pledged to offer an annual dlrs 100 billion to help the developing countries move towards clean energy, she said, adding that unfortunately the developed countries did not fulfil their long-standing pledges.
The transition towards green economy represents a key step forward in mitigating the negative impact of climate change, added the minister.
The minister, meanwhile, cited a report issued by the World Economic Forum in which it said that the developing countries are in need of investing an additional sum of dlrs 800 billion annually in order to alleviate the adverse effects of climate change by 2025.
Reviewing the measures taken by the Egyptian government to enhance the sustainable infrastructure in the vital economic sectors, the minister said that the government has managed over the past few years in promoting investment opportunities and partnership between the private and public sectors.
The minister further said that Egypt was the first country to issue green bonds by selling dlrs 750 million worth of the financial instruments during 2020.
Within the Ministry’s current portfolio, there are 85 adaptation projects worth dlrs 11.9 billion, noted the minister.
Source: State Information Service Egypt