Under the patronage of Egypt’s Ministry of Environment, the Africa Grows Green Climate Finance Forum was inaugurated in the New Administrative Capital, bringing together a distinguished group of ministers, international organizations, civil society, and private sector leaders. The event, organized by the Quality of Life Sustainability Foundation, marked a significant step toward mobilizing climate finance and fostering sustainable development across Africa.
Unified Push for a Green Africa
The forum was launched by Lieutenant General Kamel El-Wazir, Deputy Prime Minister for Industrial Development and Minister of Industry and Transport; Dr. Yasmine Fouad, Minister of Environment; and Ministers of Finance, and Planning. Notable attendees included Dr. Mohamed Farid, Chairman of the Financial Regulatory Authority; Ambassador Wael Aboulmagd, Assistant Minister of Foreign Affairs for Environment and Sustainable Development; Tarek El-Khouly, Deputy Governor of the Central Bank of Egypt; Dr. Mona Essam, Assistant Minister for Sustainable Development; Dr. Reem Abdel Majeed, President of the Quality of Life Sustainability Foundation; Dr. Ali Abu Sene, CEO of the Environmental Affairs Agency; Hamad Saad Sabra, World Bank representative; and Kamal El-Dessouky, Vice President of the Federation of Egyptian Industries.
In his opening remarks, Lt. Gen. Kamel El-Wazir emphasized Egypt’s commitment to a green economy transition. “We encourage all stakeholders to seize this opportunity to build genuine partnerships for a healthier environment and a strong, sustainable African economy,” he said. He highlighted the strategic framework being developed by the Ministries of Industry and Transport to support investments in clean technology and renewable energy, enhancing resource efficiency and aligning with Egypt’s Industrial Strategy 2030.
El-Wazir detailed Egypt’s efforts to reduce greenhouse gas emissions, which reached 300 million tons of CO2 in 2014, with 48 million tons from the transport sector alone. Without sustainable transport plans, emissions could rise to 124 million tons by 2030. To counter this, Egypt has invested in green transport infrastructure, including metro systems, monorails, light rail, and Bus Rapid Transit (BRT) in Greater Cairo, as well as Alexandria’s metro and tram upgrades. High-speed electric rail lines and eco-friendly port operations, such as solar energy projects and Onshore Power Supply (OPS) systems, aim to reduce emissions by 9 million tons annually by 2030, achieving an 8% reduction in transport-related emissions.
The minister also underscored initiatives to promote green industries, such as the Sustainable Green Growth Project in Upper Egypt, energy-efficient motor upgrades, and solar cell system awareness campaigns. Egypt’s voluntary carbon market, regulated by the Financial Regulatory Authority, encourages companies to trade carbon credits, positioning the country as a regional leader in sustainable industrial practices.
Egypt’s Climate Finance Journey
Dr. Yasmine Fouad, Minister of Environment, showcased Egypt’s progress in climate finance, emphasizing the need to transform aspirations into reality. “We aim to achieve sustainability in Africa and developing nations by fostering actionable partnerships,” she said. Fouad highlighted Egypt’s institutional framework, including the National Climate Change Council established in 2019, the National Climate Change Strategy 2050, and the Nationally Determined Contributions (NDCs) for 2030.
Egypt’s transport sector exceeded its 2022 emissions reduction targets, as reported in the 2024 Biennial Transparency Report (BTR), sending a strong message of commitment despite economic challenges. Fouad noted that COP29 focused on climate finance, with Egypt facilitating negotiations to increase global funding from $100 billion to $300 billion annually by 2035. She outlined two key steps for enabling climate finance: launching the voluntary carbon market to incentivize private sector participation and implementing structural reforms to attract investments.
The minister cited Egypt’s success in mobilizing $470 million in 2015 to de-risk private sector investments in the Benban Solar Energy Park, a model for supporting sectors like agriculture through similar financing mechanisms. “Our journey is long, but by harmonizing government, private sector, and civil society efforts, we can turn challenges into opportunities,” she said.
Collaborative Platforms for Green Growth
On the other hand, Minister of Planning, Dr. Rania Al-Mashat, represented by Dr. Mona Essam, highlighted Africa’s $3 trillion investment potential by 2030, as estimated by the African Development Bank. Despite bearing 5% of GDP losses due to climate change while receiving only 3% of global climate finance, Africa holds immense growth opportunities through its infrastructure, markets, and natural resources. Al-Mashat emphasized Egypt’s goal to increase green projects to 55% of the 2025/2026 plan, supported by structural reforms to drive the green transition.
Dr. Mohamed Farid praised the Ministry of Environment and the Quality of Life Sustainability Foundation for launching the forum, noting the Financial Regulatory Authority’s efforts to reduce the information gap through regulatory updates. These include amendments to capital market regulations and criteria for green projects, enabling companies to issue green bonds and trade carbon credits. “Egypt’s voluntary carbon market empowers companies to finance mitigation and adaptation projects, particularly for small and medium enterprises,” he said.
Tarek El-Khouly, Deputy Governor of the Central Bank, highlighted the banking sector’s transformation toward sustainability through green bonds, sustainability-linked bonds, and a dedicated sustainability and climate change department. The Central Bank’s supervisory guidelines mandate banks to assess climate investment risks and measure carbon footprints, attracting international financial institutions’ attention to Egypt’s efforts.
Ambassador Wael Aboulmagd underscored Egypt’s leadership in African climate action, including President El-Sisi’s role as Chair of the African Heads of State Committee on Climate Change in 2016 and Egypt’s facilitation of African negotiators from 2018–2019. He stressed the need for innovative financing models to address adaptation funding gaps, urging development partners to prioritize climate finance without compromising core mandates.
Call to Action
The forum, a legacy of Egypt’s COP27 presidency, featured three key sessions: regulatory frameworks for green investments, international financing for mitigation and adaptation, and support for green SMEs. It concluded with Dr. Fouad’s “Call to Action,” urging enhanced regional cooperation and private sector investment to build a sustainable African economy.
