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Mashat to L’Oréal Summit: Egypt places green transformation at top of its priorities
International Cooperation Minister Rania Mashat highlighted that Egypt places green transformation at the top of its priorities, and integrates climate action into all development aspects, as it is not possible to achieve sustainable development without taking into account the promotion of climate action.
She made the remarks during her virtual participation in the 2nd edition of L’Oreal Supplier Sustainability Summit in Egypt. The event was attended L’Oreal Egypt Managing Director Benoit Julia.
The L’Oréal Egypt Supplier Sustainability Summit is aiming at creating a platform to develop and discuss the different stakeholders’ efforts that contribute to achieving the Sustainable Development Goals (SDGs), hammering on the challenges faced by the environment, and its impact on climate action; most importantly, the crucial need to engage the private sector and onboard their eco-system to achieve tangible changes.
Mashat explained that in light of Egypt’s hosting and presidency of the United Nations Climate Change Conference (COP27), Egypt launched the National Climate Change Strategy 2050.
It also announced its Nationally Determined Contributions (NDCs), to reduce emissions, within the framework of achieving the National Development Vision 2030 to ensure a green, fair and inclusive transformation.
Mashat indicated that, for this purpose, the Ministry of International Cooperation is working with multilateral and bilateral development partners to encourage the private sector to follow environmental, social and governance standards (ESG), through development financing and technical support, in a way that stimulates impact investment, enhances the sustainability of value chains, and creates stimulating partnerships for inclusive growth between the public and private sectors.
She pointed out that in 2020 and 2021, the private sector received $4.7 billion in development funds from development partners, representing 23% of the total development funding settled by the ministry for development projects.
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