COP28: Interview with H.E. Dr. Hala Elsaid, Egypt’s Minister of Planning & Economic Development

In an interview with Economy Middle East, at COP28, H.E. Dr. Hala Elsaid, Minister of Planning and Economic Development of Egypt, underscores Egypt’s unwavering commitment to green and net-zero transition, outlining the planned initiatives to achieve the country’s ambitious sustainability goals.

Egypt has made a significant leap in its commitment to renewable energy, updating its Nationally Determined Contributions (NDCs) to reach 42% renewable energy by 2030, five years ahead of its previous target of 2035. The country has also implemented the first-ever Environmental Sustainability Standards Guide mandating all public institutions to embed green considerations within their investment projects.

“We have started with 20 percent green investments in 2021, we have reached 40 percent this year and targeting to reach 50 percent by 2024/2025,” says Dr. Elsaid.

H.E. confirms the success of the Monetization Program, highlighting that it has generated over USD 5.5 billion from privatized companies since its launch.

Despite ongoing border tensions, Egypt is closely monitoring its economic growth and projecting a promising 3.5% growth by year-end.

For more insights, watch the full interview.