Green Investments event launched with the presence of American delegation, and Foreign Minister Sameh Shoukry on Sunday 15 May 2022, organized by the office of the US special presidential climate envoy and the American Chamber of Commerce in Cairo on the occasion of a visit by Green America’s Mission to Egypt.
On Twitter and Facebook, Foreign Ministry Spokesman Ahmed Hafez said the event is meant to discuss cooperation in light of Egypt’s presidency of the 27th United Nations Climate Change Conference (COP27).
The American delegation comprises representatives of various companies and financing bodies interested in investing in the green energy domain in Egypt.
The two-day event hosted by the US- Egypt Business Council, was held in partnership between AmCham Egypt and the US Chamber of Commerce.
GreenTech Business Mission to Egypt, which concluded its activities on Monday, is meant to support Egypt as it gears up to host COP27 in Sharm El-Sheikh in November, said Vice President of the US Chamber of Commerce and a leader of the mission Marty Durbin.
Egyptian Prime Minister Mostafa Madbouly called US companies to expand their investments in Egypt and benefit from the new economic strategy. The new strategy involves raising the private sector’s share in Egyptian economic activity to 65 percent, up from 30 percent, along with other incentives.
Madbouly added that there are great opportunities to be tapped in the Egyptian market in terms of green investments, pointing out that Egypt targets to increase the renewable energy usage by 42 percent by 2035 in line with its Egypt Vision 2030, as well as to increase water and waste management projects.
“The strategic dialogue between Egypt and the US has resulted in two milestones; the first is creating the US-Egypt working group on climate and the second is the high-level economic committee that will start its activities going forward,” Madbouly noted.
Madbouly was leading a delegation including the Minister of Foreign Affairs Sameh Shoukry, Minister of Petroleum and Mineral Ressources Tarek El Molla and a group of government officials and businessmen.
Leading the mission for the US government was Ambassador David Thorne, special advisor for climate, and Jake Levine, Chief Climate Officer at the International Development Finance Corporation.
The delegation comprised senior representation from leading US government financing agencies and other organisations, including the Export Import Bank of the United States (Ex-Im Bank), the United States Agency for International Development (USAID), and the United States Trade and Development Agency (USTDA).
Also in attendance were senior US government representatives from the departments of state, commerce, and energy, in addition to senior representatives from US Companies, ranging from multinationals to SMEs, across a wide array of sector focuses, including agriculture, aviation, construction, digital, energy, finance, healthcare, transportation, and water resources management.
Leaders of the mission from the US Chamber included Durbin and Khush Choksy, senior vice president for international development.
During the event, the delegates explored opportunities for green investment within a wide range of sectors, including power, renewables, agriculture, ICT, manufacturing, aerospace, transportation, and finance.
New Green Investments opportunities
Thorne affirmed that the US business community welcomed the policy that Egypt announced on Sunday regarding expanding the share of the private sector, and that it stays tuned regarding investment opportunities.
“Egypt has been taking important actions with regards to boosting the role of the private sector, which is very important for the country’s economy,” he said during a press conference after the event.
“I have a long history of working with Egypt and the business community. I have the honour of having played a leadership role in the largest ever US trade mission to Egypt and now am adding the honour of leading the US government delegation to what might be the largest US green business trade mission ever. It’s also the first green business trade mission ever,” he added.
Thorne also said that the companies participating in the GreenTech Business Delegation came to Egypt because they are looking for opportunities here in Egypt to apply their investment know-how to deliver green growth and climate solutions.
“Last year, $86 billion was invested in US climate start-ups. Green investment is an enormous business opportunity. Those who get in early will enjoy huge investment benefits,” he expounded.
The ambassador added that COP27 is a great economic opportunity for Egypt to put it on a sustainable path, noting that the conference comes in a pivotal moment to put the pledges and commitments of COP26 in implementation.
“We can not achieve the global climate ambitions without the support and partnership of the private sector,” he asserted.
Egypt to present models of executive projects to face climate change impacts at COP27:
Egypt’s Minister of Environment Yasmine Fouad, the Ministerial Coordinator and Envoy of the COP27 Climate Conference, headed on Monday to Maldives to attend the launch of the Glasgow-Sharm el-Sheikh Work Program on the Global Goal on Adaptation.
Maldives President Ibrahim Mohamed Solih will attend the two-day event alongside Patricia Espinosa, the Executive Secretary of the Secretariat of the United Nations Framework Convention on Climate Change·
In a statement on Monday, she said the Maldives president will inaugurate a workshop on the global goal on adaptation which will be held at the ministerial level.
She underlined the importance of the global goal on adaptation which is one of the outcomes of the Glasgow conference.
The global goal on adaptation (GGA) is a key objective of the Paris Agreement, and aims to enhance adaptive capacity, resilience, and reduce vulnerability in the context of holding global temperature rise below 1.5 degrees C.
Foreign Minister Sameh Shoukry participated on Sunday in an event organized by the office of the US special presidential climate envoy and the American Chamber of Commerce in Cairo on the occasion of a visit by Green America’s Mission to Egypt.
On Twitter and Facebook, Foreign Ministry Spokesman Ahmed Hafez said the event is meant to discuss cooperation in light of Egypt’s presidency of the 27th United Nations Climate Change Conference (COP27).
The American delegation comprises representatives of various companies and financing bodies interested in investing in the green energy domain in Egypt.
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