Sharm El-Sheikh –Hala El-Said, Minister of Planning and Economic Development, said the cost of climate change damage annually in Africa will rise to $415 billion annually by 2030.
He noted that losses currently amount to around $250-300 billion due to natural disasters resulting from climate change, according to United Nations data.
On the sidelines of a round table during the COP27 activities, El-Said added that the Climate Conference aims to focus on evaluating the world’s progress in implementing mechanisms to face climate change.
El-Said explained that Egypt has established a suitable ecosystem for the private sector, with a list of many projects across the country ready for financing and implementation, and strives to take advantage of Egypt’s competitive advantages, especially geographical ones.
He noted that Egypt is well positioned to become a global shipping hub as well as a logistics and energy hub, and at a policy level, Egypt enjoys strong trade partnerships with several free trade agreements, reflecting export opportunities. .
The Minister of Planning and Economic Development emphasized that expanding Egypt’s renewable energy production capacity would allow it to become a leader in areas such as green fuel supply and green water desalination, as well as the export of green ammonia and e-methanol. .
He explained that green hydrogen is an area of great interest due to its far-reaching uses, so the sovereign wealth fund seeks to expand in this field by offering green hydrogen production projects with the private sector, and a pilot project has already been implemented. with local and international partners.
He explained that the role of business in combating climate change has evolved over time with increasing pressure on government resources and technical capabilities, highlighting the importance of fostering investment not only to address funding gaps but also to develop innovative capabilities and promote advanced technological solutions.