Egypt launches 'Friends of Greening National Investment Plans in Africa and Developing Countries Initiative' at COP 27



Fri, 18 Nov 2022 - 03:18 GMT


Fri, 18 Nov 2022 - 03:18 GMT

CAIRO – 17 November 17 2022: Minister of Planning and Economic Development Hala El-Said launched Thursday at COP 27 the "Friends of Greening National Investment Plans in Africa and Developing Countries" initiative.


El-Said explained that the main pillar of the initiative is developing the process of planning and designing economic policies that take into account climate change. That is in addition to improving the process of evaluating work made in the field of mitigation and adaptation, while identifying gaps and the extra effort needed.


The minister added that the friends of the initiative are voluntarily committed to working to increase the share of green projects in their national investment plans by no less than 30% in 2030 while tracking and monitoring public investments directed at climate action and identifying gaps and required support.


The initiative also includes establishing a "Knowledge Exchange Platform" and a "Capacity Building Center" to share best practices and experiences, and develop tools and methodologies that support environmentally friendly efforts in national green investment plans.


In her speech, Minister El-Said stressed the need to work cooperatively to find solutions to address climate change, because developing countries, especially in Africa, are the most vulnerable to the effects of climate change under all climate scenarios.


El-Said added that governments need to formulate their economic policies and national investments in a way that tackles climate change.


The minister pointed out that the greening of national investment plans is one of the powerful solutions to help the parties achieve the goals of the United Nations Framework Convention on Climate Change as well as those of Paris Agreement.


With regard to Egypt, El-Said indicated that Egypt launched the "Environmental Sustainability Standards Guide," intending to transform the model of both the government and the private sector towards accelerating the transition to a green economy and green recovery as well as increasing the share of the green economy.


In that context, the minister further revealed that the share of green projects in the national investment plan in FY2020/2021 amounted to 15%, and that it would reach 40% in the current fiscal year.


El-Said added that it is aimed to reach 50% in FY2024/2025, through investments in clean transportation, water resource management, waste management, renewable energy, and energy efficiency, as well as the decent life initiative.



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