Egypt’s Minister of Environment Yasmine Fouad held a meeting on Wednesday to discuss the latest developments of the first Egyptian company to invest in carbon certificates, EgyCOP, which was launched within the activities of the COP27 climate conference, as the first direct investment company operating in voluntary carbon markets.
During the meeting, the Minister of Environment stressed the importance of the company in helping Egypt and Africa to achieve a greater role in investing in reducing emissions, especially with Egypt owning a variety of qualified projects that can help reduce carbon emissions in the transport, energy and solid waste sectors.
The Minister said that her ministry is working on how to involve the private sector, whether by implementing investment-attracting projects such as renewable energy, and also encouraging it to enter into projects that touch promising areas for the future, such as economies based on vital resources, such as benefiting from agricultural waste in building a promising industry for the production of raw materials.
She further pointed to the importance of strengthening the role of the banking sector, as the Ministry of Environment cooperates with the Central Bank to build the capacity of the banking sector in the field of climate finance and to introduce the difference between mitigation and adaptation projects.
