Private sector should back developing states in adopting ecofriendly economic models: Egypt’s FM



Wed, 21 Sep 2022 - 04:47 GMT


Wed, 21 Sep 2022 - 04:47 GMT

CAIRO – 21 September 2022: Egypt’s Foreign Minister Sameh Shoukry affirmed that the private sector in developing countries has a responsibility to support these countries in moving toward ecofriendly economic models by investing in green economy and securing technological solutions.

Shoukry made the remarks in an event for the US Chamber on the sidelines of the United Nations General Assembly in New York held to discuss enhancing the partnership between governments and the private sector in facing climate change.

Shoukry, president-designate of the UN conference on climate change (COP27) set to be hosted in Egypt in November, affirmed that the Egyptian presidency of the conference will seek to achieve balanced results on priority climate action fields.


He also affirmed Egypt’s aspiration to ensure that COP27 represents a pivotal stage regarding climate pledges, stressing the need that latest developments on the international level do not distract efforts to face climate change.

Egypt is preparing to host COP27 between 6 and 18 November and has been keen to build on the success of Glasgow summit (COP26) in a bid to turn climate pledges into actions.

The Egyptian presidency of COP27 will adopt a clear approach to implement the Paris Agreement at an accelerated pace by addressing the gaps and deficiencies in the global system dealing with climate change, Shoukry announce earlier in September.

During the International Cooperation Forum (ICF) 2022 in the Administrative Capital, Shoukry said COP27 will also enhance trust amongst all parties as each state implements the Paris Agreement.

The geopolitical crisis that has resulted from the Russian-Ukrainian conflict includes global soaring prices of energy, food, and interest rates, Shoukry said.

IFC was held by the Ministry of Foreign Affairs and the Ministry of International Cooperation only a couple of months ahead of COP27 to connect the two conferences as Egypt believes that all institutions, including international financial institutions and multilateral development banks, must cooperate for successful climate action, he added.



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