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Minister expresses happiness over progress in GCF’s policies

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Minister expresses happiness over progress in GCF's policies
Minister of Environment, Yasmine Fouad said that Egypt is keen on achieving a categorical leap in the world climate action through its chairing of the upcoming UN Climate Conference (COP27) and building up on the outcome of Glasgow conference concerning the climate funding and other pledges.

The statement by the minister during her meeting on Monday with Executive Director of the Green Climate Fund (GCF) Yannick Glemarec, who is currently visiting here for talks on enhancing cooperation with the Fund in light of Egypt’s finalizing the preparations for the national strategy for climate change and a list of projects that could be financed through GCF in accordance with Egypt’s priorities in the coming phase.

The meeting aiming at the GCF’s mechanisms, policies as well as its role during COP27 and what the fund could offer to Egypt at the national level in implementing national strategic projects for climate for 2050.

Minister expresses happiness over progress in GCF's policies

The Minister expressed happiness over the progress achieved in the GCF’s policies as it is considered one of the important mechanism for the climate action funding in a bid to accelerate the raising of necessary funds for the climate projects and build up the states’ capabilities in this regard.

Also, Glemare said that the fund has worked on accelerating its plan of action to provide funds for climate projects, citing the bio-economic funding for the small- and medium-scale projects to maintain natural resources and sustainability, as well as launching several initiatives for renewable energy in Africa.

He further point out the importance of COP27 in pushing forward the peace of climate funding, voicing readiness to cooperate with Egypt during its presidency of the conference to launch several funding initiatives.

Moreover, the Green Climate Fund (GCF) is a fund established within the framework of the United Nations Framework Convention on Climate Change (UNFCCC) as an operating entity of the Financial Mechanism to assist developing countries in adaptation and mitigation practices to counter climate change.

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