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Sisi: Success in confronting climate change depends on appropriate financing
President Abdel Fattah El Sisi said the success of the international community in confronting climate change depends, to a large extent, on providing appropriate and sufficient financing to support the implementation of programs and projects to reduce emissions and adaptation.
He made the remarks during his speech via video conference to the Major Economies Forum on Energy and Climate (MEF).
He stressed the importance of the availability of the means of implementation, particularly through the fulfillment of the developed countries’ commitments.
This shall take into consideration the repercussions of the international financial situation on developing countries and the serious handling of the issue of losses and damages resulting from climate change, the president added.
The Egyptian Chairmanship of the 27th United Nations Climate Change Conference (COP27) takes pride on coming up with a decision, for the first time, in this regard and hopes to achieve the desired progress in this respect before the next summit, including the establishment and financing of a special fund for losses and damages, thus enhancing confidence between the parties to the climate change agreement, the president said.
The president reviewed Egypt’s efforts, at the national level, that align with the areas raised during the forum; including expanding the use of renewable energy as the government is in the process of finalizing the required procedures to ensure the provision of the necessary financing to allow achieving Egypt’s goal of reaching 42% of renewable energy sources by 2030.
Egypt seeks to expedite the implementation of Memoranda of Understanding (MoUs) related to hydrogen production in order to become a hub for the production of clean energy and reduce the carbon footprint of the energy-intensive industry sector, he added.
He said “We are implementing several ambitious transport projects that are compatible with the environment. We have completed the first phase of the light electric train and projects for sustainable transport are about to be completed in major cities. Moreover, the network of EV charging stations is being expanded to encourage shifting toward the use of electric vehicles.”
“The government is implementing projects to improve energy efficiency in various sectors and government buildings to reduce the carbon footprint of those sectors,” Sisi added.
The Egyptian House of Representatives, this month, gave its approval for Egypt to join the Kigali Amendment to the Montreal Protocol, and the government is developing a plan for the gradual reduction of hydrofluorocarbon in both production and consumption, he added.
“Egypt joined the methane pledge in the petroleum and gas sector. The Ministry of Petroleum prepared a list of projects and an action plan to reduce methane emissions. Consultations with partners are held to discuss financing them,” Sisi highlighted.
Given the climate challenges facing the international community, Egypt considers it necessary to build on the current momentum to address the existential challenge associated with climate change. It hopes that the next summit, in the United Arab Emirates, would be successful. This shall help achieving the goal of maintaining our planet’s average temperature, as stated in the Paris Agreement, and working toward attaining the goal of one and a half degrees, which contributes to accelerating the required economic and development transformation, allows the mobilization of financial and technical support, and promotes innovation to achieve the desired goals, Sisi added.
In this context, Egypt looks forward to joining the Forest and Climate Initiative, launched on the sidelines of the Sharm El-Sheikh Conference, as well as the Carbon Management Challenge, to be launched at COP28. This is, in addition to participating in the development of the international financial institutions in order to contribute to the achievement of the three objectives set out in the Sharm El-Sheikh Plan of Implementation. Those are to increase the amount of funding available to developing countries, facilitate access to financing and adopt concessional financing instruments that are compatible with the conditions of developing countries, while preserving those institutions’ main goal of eradicating poverty and achieving sustainable development.
Egypt also agrees with the need to accelerate the transition to emission neutrality in a number of sectors, including the maritime transport sector, as well as the energy sector, both by expanding renewable energy and shifting toward zero-emission fuels, such as hydrogen.
“In conclusion, I would like to reaffirm Egypt’s commitment, as Chair of the current session of the Summit on Climate Change and as an active State in climate change negotiations, to advance an ambitious and balanced agenda based on the implementation of scientific recommendations and the promotion of the just, appropriate and expeditious implementation of commitments on the ground,” the president said.
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