Egypt is set to host the COP27 this year. The country is also launching its 2050 climate strategy. The country’s environment ministry recently had a discussion with the representatives of the IMF about it.
Egypt’s Minister of Environment Yasmine Fouad, in the meeting with the IMF stressed the efforts of the country towards decarbonization and improving sustainability. Egypt is also making changes to its financial system that will encourage banks to finance environment and climate projects in particular, training them and building their capacities on the best ways to finance climate projects. Minister also said that the national contribution strategy has been updated to address the projects that will cut carbon emissions in compliance with the Paris Climate Agreement. Egypt is also promoting use of natural gasses as it is transitioning from carbon intense fuel sources to more eco-friendly ones.
Yasmine Fouad also expressed Egypt’s keenness as the presiding country to make progress on the issues of mitigation, adaptation, prevention of losses and climate finance during the COP27, which will be held in November this year in Sharm el-Sheikh.