Launching the first direct investment company in Egypt to offset emissions

Dr. Hala El-Said, Minister of Planning and Economic Development, revealed the launch of "EGYCOP" as the first direct investment company in Egypt in the field of emissions offsetting.

"The private sector participates in financing such climate-related projects, and in fulfilling the promise that selling credits in international markets will lead to mobilizing foreign capital to the local market," said Al-Said.

Investments in green sectors

She affirmed the government's endeavor to expand partnerships and enter into multiple consultations with major investors from the private sector to meet their needs and stimulate investments in green sectors.

COP27 Climate Summit

El-Said explained the extent to which Egypt has benefited from the COP27 climate summit, as environmental protection is seen as a long-term investment that enhances flexibility and does not cost the government.

Climate investments can still boost growth and help countries realize their true potential, amid efforts to strengthen and deepen all forms of public-private cooperation.

She said that this cooperation is an effective and innovative tool that helps in achieving great achievements, including the distribution of costs of large projects in addition to better risk management and efficient project delivery.

Egypt Sovereign Fund

The minister stressed that Egypt's sovereign fund is working to support a just energy transition, as 9 prominent framework agreements were signed during the Conference of the Parties for the production of green hydrogen, with expected investments amounting to about $85 billion.

She added that this is expected to be followed by many other agreements to benefit from the unique natural and logistical resources found in Egypt.

Hala Al-Said pointed out that other agreements have been signed to establish renewable energy stations, explaining that a green water desalination program is being implemented to complete these efforts.