Egypt’s Environment min. underlines need to consider market mechanisms on climate finance

Egypt’s Environment min. underlines need to consider market mechanisms on climate finance

CAIRO - 6 October 2021: Environment Minister Yasmine Fouad said market mechanisms and some policies need to be reconsidered in order to provide climate finance for countries. The minister made her remarks on Tuesday on the sidelines of the second Union for the Mediterranean (UfM) ministerial conference on environment and climate action, hosted by Egypt. She pointed out that priorities and needs should be also identified to secure such sustainable funding, noting that the application of the public funding system could encourage the private sector to take part in climate-related projects. The minister added that the market mechanisms, including supply and demand and creating a favorable climate to attract investment, need to be boosted in order to overcome any climate challenges. US Climate Envoy John Kerry revealed that Egypt has been already chosen as the nominee to host the next session of the UN Climate Change Conference (COP 27) in 2022. This comes as a country is chosen each year to represent a different region of the world and host the COP meeting as the president of the conference. At a virtual meeting of the Heads of State and Government on Climate Change on slides of the 76th session of