Egypt joins Green Climate Fund to empower new climate-focused projects

Burgeoning climate change concerns and parallelly encouraging greenhouse gas emission policies are re-enforcing global climate crisis initiatives aiming to implement decisive steps to prevent the anticipated adversities.

Egyptian Minister of Environment, Yassmine Fouad has announced that Egypt will address certain projects designed to translate international financial pledges in implementation during the upcoming UN Climate Change Conference 2022 – UNFCCC COP 27.

The minister addressed a joint press conference alongside Green Climate Fund (GCF) CEO Yannick Glemarec to share the preparations made for the UNFCCC COP 27 scheduled to be conducted in November this year in Sharm El-Sheikh.

The joint press conference was conducted at Old Cairo’s Environmental Cultural and Educational Center.

Moreover, Yannick Glemarec – founder of the biggest fund provider that backs climate-focused projects will be visiting Egypt on an official tour from March 6th to 9th.

Primary objective of Glemarec’s visit to Egypt is to enhance cooperation among the two parties and accelerate funding while Egypt completes drafting of a national strategy for climate change added with a list of projects.

According to Minister Fouad, the amalgamated effort will assess potential projects to deem them eligible for financing committing to Egypt’s climate change initiative.

Meanwhile, the Ministry of Environment received proposals from several national authorities, which the agency will assess and forward to the National Council for Climate Change first before pitching it for the fund.

At present, GCF backs a suite of renewable energy and efficiency projects led by Egypt’s national as well as private sectors.

With nearly $32 million backing, the fund empowers the Egyptian National Projects – one of the initiatives for the Protection of Delta and Northwest Coast.

As per Fouad, the COP 27 climate conference intends to discuss potential moves to accelerate fund generation for climate projects across developing countries - African members in particular – and identify international steps that Egypt can contribute to via the fund.

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