Egypt’s environment minister, Khaled Fahmy, addressed leaders at the COP22 Climate Summit on Saturday on behalf of the Egyptian President.
Touching on the COP21 agreements, Fahmy highlighted the importance of technology transfer and capacity building from developed countries to developing ones, Morocco World News reported.
He further emphasised the importance of allocating adequate funding targeted upwards to $100 billion annually for climate issues.
COP22: Egypt to ramp up renewables
Discussing the recently launched Africa Renewable Energy Initiative (AREI), which Egypt designed in a bid to ramp up renewables across Africa, Fahmy said: “This initiative explains the ambitions of [the] African continent to the world.”
He also affirmed Egypt’s commitment to push forward the initiative, Morocco World News reported, stating that the north African country has already drafted its national development strategy for 2030.
The minister launched the African Forum for Environment Partnership, on the sidelines of the conference, to contribute in organising environment activities across the continent and share expertise with African leaders, the ministry said in an official statement.
According to the United Nations Framework Convention on Climate Change (UNFCC), the AREI would have a considerable impact on the reduction of greenhouse gas emissions on the continent. It will however, require huge funding in order to be activated, Morocco World News reported.
“At least $5 billion in public and highly concessional financing, between 2016 and 2020, from bilateral, multilateral, and other sources, including the Green Climate Fund, will be needed to leverage a further $15 billion in other investments, for a total investment of at least $20 billion pre-2020,” the initiative statement read.
Egypt seeks alternatives
Earlier this month, the International Finance Corporation (IFC), a member of the World Bank Group, released a report that examines alternative options for Egypt’s cement producers to reduce greenhouse gas emissions.
The paper, dubbed Unlocking Value: Alternative Fuels for Egypt’s Cement Industry, states that the country’s cement producers could save money and also lower greenhouse gas emissions if they use waste, to power their production facilities.
These alternative fuels include municipal solid waste, agricultural waste, sewage, and old tires.
Increased use of these wastes as fuel could help save the industry $51 million annually by 2025 and reduce reliance on traditional fossil fuels, the report says.