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The Minister of Planning participates in the activities of the second day of the heads of the African Supreme Constitutional Courts


 Hala Al-Saeed: Issuing green bonds worth 750 million dollars to make Egypt the leading country in the Middle East and Africa

 

Hala Al-Saeed, Minister of Planning and Economic Development, participated in the second day of the fifth high-level meeting of the heads of constitutional courts, supreme courts and African constitutional councils, hosted by the Egyptian Supreme Constitutional Court, under the auspices of President Abdel Fattah El-Sisi, President of the Arab Republic of Egypt, which was held from June 11 to 20. In the presence of delegations from a number of countries.

 

Hala Al-Saeed participated in the second session of the second day, entitled "Greening the Economy and Decarbonizing the Carbon", as well as Dr. Frank Rijsberman, Director-General of the International Green Growth Institute, and Counselor Sherine Farhoud, Chairman of the Board of Commissioners at the Supreme Constitutional Court of Egypt, and Dr. Song Chul Shin, former president to the Korea Advanced University of Science and Technology, and Dr. Bakari Kanti, former Director of the Department of Environmental Law and International Agreements at the United Nations Environment Programme.

 

During her speech, Minister of Planning and Economic Development Hala Al-Saeed said that the green economy is a key key to achieving sustainable development and eliminating poverty in Africa, in addition to its role in enhancing the resilience of African economies to face various shocks such as the Corona pandemic.

 

Al-Saeed added that strong institutions, governance frameworks and the legislative environment are proactive requirements for a smooth transition towards a green economy in Africa, stressing the indispensable role of the constitutional and supreme courts and constitutional councils in Africa in this regard.

 

Al-Saeed discussed four main points, including the opportunities and challenges facing the African continent, the green economy, and the impact of the Covid-19 pandemic, as well as exchanging some experiences and best practices from Egypt in this regard, noting that the real GDP of Africa is expected to grow to 3.4% in 2021 after declining to 2.1% in 2020, indicating that the African continent is rich in natural resources, in addition to the continent's possession of large proportions of renewable and non-renewable energy resources in the world.

 

Al-Saeed added that Africa faces many economic, social and environmental challenges, stressing that the sustainable management of natural resources and natural capital is the key to achieving growth and prosperity in Africa, explaining that the African continent has taken several measures to promote regional integration policies through the adoption of the African Continental Free Trade Agreement and its entry into force. Implementation in January 2021, as well as the implementation of a number of regional infrastructure projects under the Presidential Initiative for Infrastructure in Africa.

 

On the green economy, Al-Saeed said that it is known as a low-carbon economy that saves resources and manages environmental resources without harming the environment, explaining that it represents a tool that helps Africa achieve inclusive and sustainable growth, create decent job opportunities, and enhance sustainable and resilient infrastructure by promoting renewable energy and resource efficiency while maintaining diversity. The biologist, following up that the green economy also contributes to accelerating recovery efforts from the effects of the Corona pandemic, explaining that many countries have shown their orientation towards green recovery through sustainable infrastructure, renewable energy, creating green job opportunities, innovation, digital transformation and technology.

 

Al-Saeed added that to facilitate the transition process towards a green economy and a low-carbon future, Africa needs sustainable investment, technological transformation and capacity building, stressing the need for partnership between the public and private sectors and the participation of development partners, stakeholders, market forces and policies to support the transition process.

 

Al-Saeed also noted that the issuance of green bonds and loans rose from nothing 10 years ago, to an estimated $320 billion this year worldwide, which would never have happened without an inclusive dialogue between relevant stakeholders.

 

On Africa's transformation towards a green economy before the outbreak of the epidemic in 2015, Al-Saeed pointed to the launch of several "green" initiatives by Africa, including the African Renewable Energy Initiative and the African Initiative for Adaptation, to address climate change, explaining that although the continent is the least contributing to Global greenhouse gas emissions, however, are the most affected by climate change and most vulnerable to its impacts. In order to strengthen the collective efforts of the continent of Africa to confront the epidemic, the African Union has established a joint fund to respond to the Corona pandemic, as well as increasing the budget of the African Center for Disease Control.

 

Al-Saeed addressed the Egyptian efforts for green recovery from the effects of the Corona pandemic, stressing the state’s focus on investing in the human element, rearranging development priorities, and focusing on social protection and support for the poorest groups and the informal sector, as well as the health care sector, adding that environmental sustainability standards were adopted, which It aims to green the investment plan according to these criteria, as 15% of the projects included in the 2020/2021 plan represent green projects, and the government aims to double that percentage in the 2021/2022 plan to reach 50% in 2024/2025.

 

Al-Saeed added that the application of environmental sustainability standards aims to ensure the flexibility of key sectors such as supply chains, communications, information technology, agriculture, logistics and industry, while continuing to establish and improve infrastructure, especially in the field of clean and sustainable transportation, renewable energy and energy efficiency.


Al-Saeed also referred to the issuance of green bonds worth $750 million, to make Egypt the leading country in the Middle East and Africa in this regard, to provide additional financial resources through innovative mechanisms for green projects, especially in the field of clean transportation.

 

Al-Saeed also talked about the first national report on financing for development, which deals with the various sectors of the Egyptian economy and their contribution to financing the sustainable development goals, adding that Egypt is currently implementing a project to develop a strategy to estimate the cost of implementing the sustainable development goals at the national level by the Ministry of Planning and Economic Development on the one hand. The Egyptian government, and the office of the United Nations Resident Coordinator in Egypt on the part of the United Nations.

 

Al-Saeed added that the ministries of Planning, Economic Development and the Environment are working with relevant ministries and the private sector to agree on a set of "green incentives" in order to encourage the private sector and entrepreneurs to shift towards a green economy.

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