Egypt’s Minister of Planning and Economic Development Hala El-Said and Minister of Environment Yasmine Fouad held a virtual meeting to discuss Egypt’s transformation to a green economy and utilising green bonds.
El-Said stressed the importance of setting an emission reduction strategy within the framework of Egypt’s Vision 2030.
The minister added that guidelines for general environmental standards will be developed in across Egypt’s various sectors, which will come within a joint brochure that will be shared at the two ministries.
She asserted that the state’s plan is not limited to investments, but includes all economic dimensions, with the planned code forming the basis of the budget law.
El-Said explained that the state will bear a high cost by not taking into account environmental considerations, and that investing in infrastructure, human resources and the training process provides medium-term cost savings.
Fouad reviewed the environmental standards that must be taken into account in investment projects, given the importance of the environmental dimension and its overlap in development projects.
The ministerial meeting also addressed the green bonds the Ministry of Finance is currently preparing to put up for offer. These will be used to finance projects related to the environment and climate change, as these bonds are expected to attract sustainability sector investors.
Fouad clarified the close link between green bonds and projects dealing with the effects of climate change. This is particularly in light of Egypt’s commitments to the Paris Climate Change Agreement, which encourages emissions reduction projects. The agreement also encourages adaptation projects such as those providing beach protection, desalination and increased water resources.
