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Cairo Calls for African Coordination to Finance Efforts to Address Climate Change

Cairo Calls for African Coordination to Finance Efforts to Address Climate Change

Sunday, 5 June, 2022 - 09:45
Finance Minister Mohamed Maait. Reuters

Egypt has called for coordinating the African stance in financing efforts to address climate change in a way that contributes to enabling the continent to address the phenomenon’s environmental and economic consequences positively and flexibly.

Transport Minister Kamel al-Wazir said his ministry’s vision is not limited to transporting goods and passengers.

It aspires to participate actively in consolidating the concept of sustainable development to attain the required balance among social, economic and environmental requirements.

Wazir made his remarks during the “Climate Change Mitigation” session held on the sidelines of the Islamic Development Bank’s annual meetings in Sharm El-Sheikh.

In order to implement this vision, Wazir said a comprehensive developed policy was adopted and includes the expansion of transportation means to connect Egypt with regional and international countries while reducing carbon emissions.

Minister of Planning and Economic Development Hala al-Saeed said adapting to climate change has become Egypt’s top priority.

She said Cairo launched in 2021 a structural reforms program, which includes policies aimed at supporting the transition to a green economy and maintaining the sustainable use of natural resources.

“The state is working hard to prepare and launch the national strategy for hydrogen, the national strategy for managing water resources, and the strategy for protecting beaches.”

She further pointed to the efforts, in cooperation with the private sector, to adopt environmental sustainability standards, which aim for green projects to represent 30% of the state’s investment plan for the fiscal year 2021-22 and 50% of the fiscal year 2024-25.

Commenting on Egypt’s hosting of the COP27 Climate Summit, Saeed said Cairo targets achieving tangible progress in priority areas, such as climate financing, adaptation, loss and damage.

These objectives aim at helping Cairo address the challenge of financing adaptation to climate changes activities and ease the burden on the state’s general budget by reducing environmental pollution and mitigating its negative impacts.

Separately, Egypt’s Finance Minister Mohamed Maait held talks Saturday with his Senegalese counterpart, Amadou Hott.

Maait said Cairo is keen to reach a unified vision to protect African economies from global shocks, which intensified with the outbreak of war in Europe and the repercussions of the coronavirus pandemic that led to a wave of inflation caused by supply chain disruptions and rising shipping costs.

He underscored the importance of improving the competitive capacities of the African countries’ economies, attracting investment opportunities, removing any obstacles, and creating a unified African market for goods and services.

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