In meeting on S.Korean Green New Deal, Egypt highlights green funding in national investments

 

CAIRO – 19 September 2020: In her speech at a virtual meeting on the Green New Deal, Egyptian Minister of Environment Yasmine Fouad said that her country is enhancing green funding in the national investments, according to a statement of the Ministry of Environment on Saturday.

 

Fouad said that the Green New Deal that pushes the world to focus on the development process should also help the counties pave the way for the coming generations to use the national resources and to enhance sustainability.

 

Fouad noted that during the COVID-19 outbreak, the government focused on the standards of sustainability in the green recovery plan; the Ministry of Finance launched the green bonds to encourage the private sector to invest in green projects, besides funding the green businesses by the state. 

 

She continued that the main focus of the meeting on how the countries are reducing the CO2 emissions, noting that entering into a green deal means the necessity to face the all challenges of deteriorating the land and biodiversity, besides climate change.

 

“We should not neglect the developed countries’ $100 billion commitment that was announced in the Paris Agreement to address climate change and to work seriously to activate projects for adaptation to climate change,” she said.

 

On July 14, 2020, South Korea announced the Green New Deal, worth at USD 94.5 billion to invest in projects that help the country’s economy recover from the recession caused by the COVID-19 pandemic.