$30 trln in additional investments required to achieve net zero in 8 hard-to-abate sectors
The Net Zero Industry Tracker 2024 estimates that $30 trillion in additional capital will be required across ...
Green Economy Forum highlights UNIDO, private sector support for Egypt’s sustainability march
The Transformation Toward Green Economy Forum – which was held in Cairo on September 29 – underlined the key role played by the United Nations Industrial Development Organization(UNIDO) and the private sector in supporting Egypt’s sustainability drive.
During the get-together, the projects manager of the UNIDO Office in Egypt said the UNIDO offered technical support for many companies to move toward green economy.
She noted that entrepreneurs in Egypt do not have enough information about the market and available opportunities for green economy.
She added that more laws and statutes are needed to regulate entrepreneurs’ work.
Meanwhile, Ahmed Moustafa El Omra of the Global Green Growth Institute accentuated the importance of cooperation between the private and public sectors in investment in green economy within the framework of comprehensive and sustainable growth, calling for laying down a roadmap and practical plans to attaining joint goals, especially with regard to economic growth and boosting green economy in the fields of water, energy, waste, agriculture, transportation and tourism.
He said transforming to green economy is an exigency to confront the current challenges, particularly limited energy and water resources in view of growing demand at regional and international levels.
For his part, Sekem CEO Helmy Abouleish called for getting green economy and sustainable development o be part of educational curricula, including vocational education.
He added that circular economy became vital to pinpoint consumption rates in order to examine means of protecting resources for coming generations and proceeding with the march of development.
Meanwhile, Deputy CEO of the Information Technology Industry Development Agency (ITIDA) Ahmed El Sobky noted that ITIDA partnered with the Environment Ministry in the field of solid waste treatment to protect the environment.
He added that ITIDA also encouraged companies to join this march and contribute with innovative solutions to ditch solid waste.
Over the past two years, Egypt came to have sustainable buildings with energy-saving lights and smart codes in line with the international trend aiming to protect the environment and realize sustainable development.
Within this context, Ihab Ismail Amin, the deputy CEO of the National Renewable Energy Authority, urged securing the proper climate for encouraging small and medium sized enterprises (SMEs) in the field of renewable energy.
He noted that Egyptian banks and international institutions offer financial facilities for SMEs in the field of renewable energy.
He noted that the major challenge besetting ENRA is luring new investments in the renewable energy domain.
Hisham Moustafa Amin Madkour, the deputy CEO of Madkour Group, said private sector companies operating in the renewable energy score will represent Egypt in Belgium’s conference on renewable energy – due to be held in October – to post the world on Egypt’s experience in the domain.
He highlighted the importance of giving momentum to the private sector’s contribution to the renewable energy field, noting that Madkour Group is adopting this vision.
During the forum, National Renewable Energy Authority Chairman Mohamed El Khayyat said the 32 projects of the Benban Solar Plant – that will be the biggest in the world – will all be linked next week.
About 11 institutions cooperated in this project, he said, noting that the Egyptian Electricity Transmission Company manufactured needed power transformers and the private sector injected up to dlrs 2.2 billion dollars.
The $3.5 billion project, located in Aswan’s village of Benban, has a total capacity of 1.8 gigawatts. Benban’s solar power project is considered to be one of the largest solar generation facilities in the world. The project’s purpose is to contribute to Egypt’s energy self-sufficiency.
Khayyat also noted that Egypt is setting up the largest wind farm in Gabal El Zeit area on the Red Sea coast.
The three-stage project is the biggest wind complex in the Middle East and North Africa (MENA) region with total installed capacity of 580 MW.
The first stage of the project – which was implemented in tandem with the private sector – will go online in October. The first stage will produce about 250 megawatts, Khayyat said.
He noted that the reforms carried out by the government in the energy sector have encouraged the private sector to pump investments.
He added that the Egyptian legislations have also incentivized businessmen to invest in these projects which are meant to generate up to 20 percent of Egypt’s electricity via new and renewable energy resources by 2022 and double this percentage by 2035.
Egypt held the Green Economy Forum following the United Nations Climate Action Summit to build on its recommendations and come up with ideas that would help proceed with its sustainability drive.
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