Egyptian Cabinet: Environment deterioration may cost world $10 trillion by 2050

CAIRO – 5 June 2021: The Egyptian Cabinet on Saturday warned against the deteriorating conditions of environment, saying the world may lose around $10 trillion in global GDP by 2050 if this deterioration continues.

Half of the global GDP relies on environment, the Cabinet said, marking the World Environment Day celebrated on June 5 every year.

As a result of the efforts made by the Egyptian state, Egypt has achieved progress by 7.7 percent over the past 10 years in the Environmental Performance Index, the Cabinet said.

It added that Egypt came at the 94th place on the index in 2020 among 180 countries.

Egypt, among 11 countries, has received two Sustainability Awards from the European Bank for Reconstruction and Development (EBRD) in the field of sustainability for 2020.

The awards came especially in the fields of renewable energy, preserving the environment and empowering women.

Egypt celebrated on January 27 its National Environment Day, which marks the day when the first legislation, Law No 4 of 1994, to protect the environment in the country was issued.

The celebration was held under the theme ‘Green Recovery – A way to post-COVID-19’.

Egypt designated the 27th of January as a National Environment Day, in light of the need to raise public awareness of the environment protection.

The notion was adopted by the ministry in cooperation with the Arab Council for Youth and Environment, the statement added.

Pakistan is hosting today the World Environment Day in partnership with the United Nations Environment Program.