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Daily News Egypt
21-05-2025
- Business
- Daily News Egypt
Egypt launches regional forum to accelerate climate finance in Africa
Egypt launched the 'Africa Grows Green for Climate Finance' forum on Tuesday in the New Administrative Capital, bringing together senior government officials, financial institutions, and international organizations to advance climate finance across Africa amid growing calls for more equitable funding mechanisms. Held under the auspices of the Ministry of Environment and organized by the Sustainability Foundation for Quality of Life, the high-level event convened ministers of industry, finance, environment, and transport, alongside representatives from the World Bank, Central Bank of Egypt, Financial Regulatory Authority, and the private sector. Kamel Al-Wazir, Minister of Industry and Transport, underscored the need to rethink development models in the face of climate change. He highlighted Egypt's green growth strategy—focused on low-emission transport and sustainable industry—pointing to public transport projects like electric trains and monorails, expected to cut CO₂ emissions by 9 million tonnes annually by 2030. He also emphasized finance as a key enabler of green industrial transformation, citing initiatives such as the voluntary carbon market and circular economy projects in Upper Egypt. Environment Minister Yasmine Fouad praised the forum for fostering collaboration among public and private stakeholders. She noted Egypt's transport sector had surpassed its 2022 emissions targets, as outlined in its Biennial Transparency Report. Fouad stressed the need for regulatory reforms and incentives to attract private capital into climate adaptation sectors like agriculture and waste management. Finance Minister Ahmed Kouchouk reaffirmed the private sector's central role in closing Egypt's climate finance gap. He announced plans for new fiscal incentives to support green investment and reiterated Egypt's ambition to become a regional clean energy hub. Representing Planning Minister Rania Al-Mashat, Mona Essam noted that while Africa holds $3 trillion in green investment opportunities by 2030, it receives just 3% of global climate finance—despite climate impacts costing the continent around 5% of GDP annually. Financial Regulatory Authority Chairman Mohamed Farid highlighted recent updates to capital market rules supporting green bonds and carbon credit trading. He said Egypt's regulated voluntary carbon market allows companies to monetize emissions reductions and finance adaptation projects previously deemed unbankable. Tarek El-Khouly, Deputy Governor of the Central Bank of Egypt, said the banking sector is undergoing a green shift, with institutions adopting climate risk assessments and issuing sustainability-linked bonds. The central bank has mandated that banks measure the carbon footprint of their portfolios and integrate sustainability governance practices. Ambassador Wael Aboulmagd, Assistant Foreign Minister for Climate and Sustainable Development, emphasized Egypt's leadership in African climate diplomacy, referencing its role in key initiatives under the Paris Agreement and its chairmanship of the African Group of Negotiators. Reem Abdel Meguid, Head of the Sustainability Foundation, said the forum aims to close the knowledge and access gap between project developers and financing institutions. It builds on Egypt's COP27 legacy and supports regional collaboration to scale green finance. The forum features three core sessions: developing policy frameworks for climate investment, mobilizing international funding for adaptation and mitigation, and enabling SMEs to access green finance. The final session, titled 'A Call to Action,' will push for deeper regional cooperation and co-investment in Africa's sustainable future.
The Star
23-04-2025
- Politics
- The Star
Israel falling short of 2030 emissions targets: report
JERUSALEM, April 23 (Xinhua) -- Israel is falling behind on its 2030 climate goals, according to a report by the Environmental Protection Ministry published on Wednesday. The report, Israel's first Biennial Transparency Report under the Paris Agreement, was submitted to the United Nations and reveals that current efforts fall short of meeting the country's climate commitments. Based on the report's "existing measures" scenario, Israel is expected to reduce its greenhouse gas emissions by only 19 percent by 2030 compared to 2015 levels, missing its pledged 27 percent reduction under global climate agreements. In 2022, emissions rose by 0.4 percent compared to 2021 instead of decreasing. Fuel combustion remains the leading cause of greenhouse gas emissions in Israel, accounting for 77.5 percent of the total in 2022, with electricity generation and fuel refining making up 45.2 percent. The solid waste sector is also underperforming, expected to see only an 18 percent reduction in emissions by 2030, falling short of the planned 47 percent. Industrial emissions are projected to decrease by 19 percent, also falling short of the 30 percent goal. There are, however, some encouraging developments. Emissions from electricity generation are projected to decrease by 32 percent by 2030, exceeding the 30 percent target. Transport-related emissions are expected to rise by only 0.8 percent, an improvement over the previously anticipated 3.3 percent increase. The ministry warned that the worrying gaps described in the report put public health, the environment, the economy, and Israel's global standing at risk. It urged immediate action, including passing the Climate Law, expanding renewable energy's share of electricity generation to 30 percent by 2030, improving public transportation, and strengthening waste management.
