$15 billion allocated to finance 1st package of 2050 climate strategy projects: Minister

CAIRO - 5 July 2022: Egyptian Minister of Environment Dr. Yasmine Fouad, announced that the Ministry of Environment, in cooperation with the relevant ministries, has completed the preparation of the first package to finance the projects of the National Climate Change Strategy 2050. 

 

Minister Yasmine Fouad added that the package will be financed by $15 billion. 

 

Dr. Fouad explained that the projects package aims to focus on the energy, food and water sectors, in cooperation with the ministries of electricity, energy, agriculture, water resources, irrigation, housing and urban communities.

 

The Minister of Environment confirmed that this package of projects was prepared based on the idea that energy is the basis of life. It encourages increasing the use of new and renewable energy in the agricultural sector to provide food, especially in light of the rise in food prices worldwide, as well as in providing water needs through the establishment of Desalination plants using new and renewable energy plants.

 

Dr. Yasmine Fouad added that this package of projects achieves a balance between mitigation and adaptation, which are the main arms of the Paris Agreement. It is a model for countries to help them formulate projects linking mitigation with adaptation, which Egypt seeks to present at the upcoming COP27 climate conference.

 

Fouad indicated that this package is diversified because it provides various funding, such as grants, soft loans, technical support, and private sector investments.

 

The Minister of Environment indicated that this package of projects comes to show how is the practical application of these theories, as this idea was put forward before preparing it with a group of development partners such as: the European and American side; development banks to find out the extent of the ability to finance and the Boston Consulting Group, which has contributed with technical support to prepare the form of this the package. They are the strategic partner of the Egyptian Presidency of the upcoming COP27 Climate Conference.

 

Fouad explained that the three sectors are: the energy sector in Egypt, which is witnessing a gradual change in the direction of reducing global warming emissions, as the state aims to rely on new and renewable energies by 42% by 2035.

 

The state is also seeking to top the list of countries in the world by developing and activating green hydrogen technology as a source of energy.

 

The field of agriculture in Egypt is witnessing a great renaissance, as Egypt is one of the first pioneering civilizations in this field.

 

The water resources and irrigation sector in Egypt also works on more than one level, as state agencies have started implementing the seawater desalination program, which aims to provide drinking and usable water for all coasts of the Republic.

 

On the other hand, there are other projects aimed at preserving water resources through lining and rehabilitating canals. Technologies for reducing water loss and sewage treatment to benefit from treated water and sludge. The state also is working to improve water-use efficiency systems in agricultural production, and the sustainable expansion of reclaimed areas to compensate for losses in the delta and other projects aimed at adapting to the effects of climate change.

 

The most important of these projects is the presidential initiative "Haya Karima", which aims to deliver water and sanitation to all Egyptian villages, in addition to Egypt's efforts to protect the coasts from the phenomenon of sea level rise, and adapt to the negative effects of climate change.

 

The National Climate Change Strategy 2050 aims to achieve sustainable and low-emissions economic growth in various sectors, build resilience and adaptability to climate change, mitigate the negative effects associated with climate change, enhance governance and management of work in the field of climate change, improve the financing of infrastructure, improve scientific research, knowledge management, technology transfer, and raise awareness in the fight against climate change.