Finance Minister Mohamed Maait asserted the importance of green recovery and transition to a green economy, underlining as well the need for boosting green finance to achieve sustainable development.
This came during a session entitled “Financing Sustainable Development: from a Sustainable and Inclusive Recovery to a Resilient Future” which was held Friday as part of activities of the 2022 Annual Meetings of the Islamic Development Bank Group in Sharm El-Sheikh.
Mait said that rebuilding a better future in the post-Covid-19 era requires supporting green recovery through the adoption of a changed approach that helps in averting future health and economic shocks.
Strengthening financial resources for sustainable development has become a must, he added, stressing the importance of raising awareness about sustainability issues.
He said as well that Egypt will host a meeting of African ministers of finance, environment, planning and international cooperation on September 7-9 to prepare for and speak in one voice during the coming UN conference on climate change, COP27, which will be held in Sharm El Sheikh in November.
Meantime Egypt’s climate action champion Mahmoud Mohieldin said that COP27 will be for the actual implementation of climate projects and not for the issuance new pledges and commitments.
The world no longer needs new promises to confront the climate crisis, but instead it needs prompt action, he told the gathering.
If we do want to limit global warming to well below 1.5 degrees Celsius by 2050, we would have to roll up our sleeves to fulfill the goal forthwith. Taking action today is better than tomorrow for the world will be paying dearly for any delay in implementing projects on climate change, he said
Handling the climate crisis relies on three basic factors; data availability, clear-cut and scientifically-based plans and climate finance, he said.
The IsDB Group meetings, which run on 1-4 June, are held under the patronage of President Abdel Fattah El Sisi under the theme “Beyond Recovery: Resilience and Sustainability”.
Source: State Information Service Egypt