Cairo: Minister of Environment, Dr. Yasmin Fouad chaired the third meeting of the Board of Directors of the Climate Finance Transformation Systems Project in Egypt (TFSC). The meeting focused on reviewing the outcomes of the previous board meeting, monitoring the progress of implemented projects, and ensuring these projects yield measurable environmental impacts through detailed quarterly reports.
According to State Information Service Egypt, the meeting was attended by notable figures including Dr. Ali Abu Senna, Executive Chairman of the Environmental Affairs Agency, Ms. Cl©mentine Vidal de L’Blash, Director of the French Development Agency, Mr. Alessandro Fracassetti, UNDP Resident Representative in Egypt, and several representatives from various ministries. Dr. Yasmin Fouad emphasized the significance of the project in advancing the climate agenda and acknowledged the support of the Ministry of International Cooperation, UNDP, and the French Development Agency.
Dr. Fouad outlined the primary objective of the project as developing Egypt’s climate financing system through collaboration with the banking sector, enhancing understanding of sustainable and climate financing, and leveraging UNDP’s expertise in climate matters. She noted the meeting’s goal to identify priority sectors, contributions to reducing greenhouse gas emissions, and addressing challenges in the roadmap for future progress.
The meeting also included discussions on a loan from the French Development Agency to the Commercial International Bank for climate projects, and the necessary technical support needed. Dr. Fouad stressed the need for the project to expand beyond renewable energy financing, focusing also on adaptation projects and transforming them into viable bank financing options to address climate change impacts in critical sectors like water and agriculture.
A technical working group was formed to establish criteria and priorities for adaptation funding, aligned with the national adaptation plan in progress. The Minister highlighted ongoing efforts to create a Monitoring, Reporting, and Verification (MRV) system and Climate Change Units (CCU) in banks, in collaboration with relevant ministries, to strengthen national capacities.
Alessandro Fracassetti of UNDP expressed pride in the partnership with the Ministry of Environment and the French Development Agency, emphasizing the project’s role in boosting climate awareness in Egypt. The project aims to increase financial investments in climate actions, develop coordination units within ministries, and support local financial institutions in assessing climate project opportunities.
The meeting presented progress on the project work plan, highlighting achievements such as the establishment of Climate Change Units, the development of a monitoring system framework, and preparation of technical studies for projects like renewable energy investments and carbon capture and storage.
The outcomes included a high-level framework document for data collection and verification, along with a capacity development program with workshops for relevant ministries. Efforts also focused on preparing feasibility studies for priority sectors and a proposed roadmap for carbon storage in Egypt.