Egypt’s Minister of Environment, Yasmine Fouad, and the Ministerial Coordinator and Envoy of the 27th Conference of the Parties on Climate Change (COP 27), participated on Monday in the inaugural high-level panel discussion on raising the level of ambition at Climate Week MENA, which is being held from 27 to 31 March in Dubai, United Arab Emirates.
During the climate finance panel discussion, Yasmine reviewed the mechanisms of creating a supportive framework for climate finance, by reviewing Egypt’s experience in new and renewable energy, which took place through several steps, such as changing the electricity law, announcing the nutrient tariff, greening the private sector, and settling new and renewable technology.
The mechanisms also include opening the market to the new and renewable energy industry. With regard to the waste sector, the Minister of Environment explained that a new waste law was issued, and a tariff for converting waste into energy, with funding available from national banks with interest that stimulates the private sector.
Yasmine stressed the need for countries to identify their needs to address the negative effects of climate change while working on diversifying financing tools from soft loans, grants, debt exchange, and soft financing for small and medium projects such as biogas projects that provide clean energy for women in villages.
During the panel discussion, the minister indicated that Egypt has restructured the climate change file, as it has become at the level of the prime minister, who is chairing the National Council for Climate Change, pointing to Egypt’s keenness to raise environmental awareness among citizens and increase communication with them.
The minister also noted that climate finance is beneficial for countries in the short and medium term when it contributes to implementing countries’ policies and tools, especially in reducing risks for a new experiment, such as what was done in the experiment of new and renewable energy in Egypt through international development banks.
