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Egypt gearing up for 1st climate, environmental investment forum by end of July
Egypt is gearing up for holding the first climate and environment investment forum by the end of July that will witness the launch the first e-platform for climate and environmental investment in Egypt.
The forum – organized in tandem with the United Nations Industrial Development Organization (UNIDO) and the Swiss government – will offer promising investment opportunities in the environment and climate domains, including waste recycling projects, to get the private sector to join this drive.
The forum will also review stories of success of the projects implemented in the environment domain.
Minister of Environment Yasmine Fouad said the ministry seeks to promote environment investments and this was manifested by the launch of an environment and climate investment unit to promote the private sector’s engagement in this domain, especially in light of pioneering projects adopted by the ministry like biogas units, agricultural waste recycling and investment in natural reserves.
The forum will help activate environment and climate investment unit which aims at curbing air, water and soil pollution, protecting natural resources and putting into effect the Sustainable Development Goals (SDGs).
Egypt’s efforts to promote green investment:
Fouad highlighted Egypt’s efforts to promote green investments in order to serve SDGs and confront climate change.
Egypt launched the National Climate Change Strategy 2050 in addition to the first company for carbon certificates and the first voluntary carbon market platform within the Egyptian Stock Exchange (EGX) for the trading of of carbon emissions reduction certificates (CERs).
The CERs are tradeable financial instruments for greenhouse gases (GHG) and are to be issued in favor of entities establishing projects reducing GHG emissions after obtaining the approval of the relevant authorities which are not currently specified. Each CER unit shall represent the equivalent of one metric ton of carbon dioxide reduced.
Egypt has also given the go-ahead of a sustainable fashion initiative during the 27th United Nations Climate Change Conference (COP27) that was held in Egypt in November 2022.