he Egyptian Minister of Finance, Mohamed Maait, said that President Abdel Fattah El-Sisi directed the government to expand into green economy investments in a bid to achieve comprehensive and sustainable development in adherence to environmental standards.
During his speech at the UN climate change conference (COP26) in Glasgow on Thursday. Maait added that the government targets to improve Egypt’s competitiveness in the environmental performance index by increasing the share of government-financed public green investments to 50% by 2025, according to a statement.
Egypt is leading the MENA region toward green investment by providing sustainable financing for environmentally-friendly projects in various sectors as it sold $750 million in five-year green in 2020 in the first sale of such bonds in the region.
In addition, The Sisi administration wants to grow renewable energy capacity to cover 42% of the country’s electricity needs by 2030, Oil Minister Tarek El Molla announced at the UN’s COP26 climate summit in Glasgow on Thursday, according to a ministry statement.
The new target apparently shortens the timeline for our clean energy transition by five years, after the government in 2016 announced that it was aiming to reach the 42%-mark by 2035.
The minister’s comments came a day after the Environment Ministry launched its 2050 climate strategy on the sidelines of the conference. The announcement was light on policy specifics and targets.
