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  • Saturday, 15 April 2023

Within the 2023 World Bank & IMF Spring Meetings, Minister of International Cooperation H.E. Dr. Rania A. Al-Mashat Participates in 2 Events on Egypt's Experience in the Country Climate Development Report (CCDR) & Green Hydrogen Generation

Within the framework of the series of events organized by the World Bank Group (WBG) to discuss climate and development issues in the Middle East and North Africa, during the 2023 Spring Meetings in Washington, Minister of International Cooperation and Governor of Egypt at the WBG H.E. Dr. Rania A. Al-Mashat, participated in two high-level meetings on “Accelerating Climate Smart Development - Implementing Lessons from the MENA CCDRs” and “MENA Day Event: Green Hydrogen Development – What does MENA need to do to become a Global Hub?”

The two events were attended by WBG MENA Vice President Ferid Belhaj, WBG Country Director for Egypt, Yemen and Djibouti Marina Wes, as well as many representatives of member states, ministers and governors from the region.

In her remarks, Al-Mashat was keen to share Egypt’s experience in preparing the CCDR in cooperation with the World Bank and relevant national entities across the year; studying the economy and challenges facing development and climate action. It also provides a holistic and detailed assessment of climate risks, and presents opportunities and policy options that pave the way forward to achieving climate action goals.

The CCDR includes: (1) Cost-effective adaptation methods and approaches to reduce the negative impacts of climate change and (2) Policy interventions and actions to improve the efficient use of natural resources, and create additional fiscal space to finance projects that reduce people and the economy's vulnerability risks of climate shocks, and (3) actions that can help avoid compliance with carbon-emitting activities through changes at the policy level with consideration to reduce related costs.

Al-Mashat also referred to the launch of the Nexus for Water, Food and Energy, the (NWFE Program) which takes into account the recommendations issued in the CCDR, with the aim of accelerating the pace of transition to a green economy, through specific projects in the fields of water, food and energy, while working to mobilize climate finance and private investments. This also reflects the interdependence and integration between climate action and development efforts, and enhances the efforts of the Government of Egypt to move from pledges to implementation, within the National Climate Change Strategy (NCCS 2050).

Egypt launched the CCDR in cooperation with the World Bank during COP27 as the first country in the Middle East and North Africa region.

With regard to efforts to transform the region into a global center for green hydrogen, Al-Mashat affirmed that Egypt is taking clear steps to become one of the leading countries in the green hydrogen industry for development, within the framework of its vision to expand renewable energy and export it to neighboring countries. H.E. pointed out that Egypt has the opportunity to take advantage of this renewable resource, which will be reflected in its domestic products, to generate job opportunities, and enhance the value chain by manufacturing products and derivatives from green hydrogen.

Al-Mashat stated that energy security is one of the important axes that has become of great importance to all countries, and in this regard, green hydrogen enhances Egypt's efforts to increase energy security, reduce its dependence on traditional fuels, reduce harmful emissions and stimulate the transition to a green economy, by producing 42% of electrical energy from renewable sources by 2030.

The Minister also referred to the agreements signed during COP27 in the field of green hydrogen in Egypt, including 7 memorandums of understanding signed by the General Authority for Suez Canal Economic Zone with the private sector to expand the production of green hydrogen and make available about 2.5 million tons of green hydrogen. International partnerships have strengthened the efforts of the Norwegian company Scatec in Egypt to develop and build a green hydrogen plant with a capacity of 100 megawatts.

Al-Mashat stressed the continuation of national efforts under the umbrella of the national strategy for green hydrogen, to support the efforts of green transformation in Egypt, confront climate changes and expand the production of renewable energy, pointing out the effective contribution of development partners with national entities. The government had signed a memorandum of understanding in March 2022 with the European Bank for Reconstruction and Development (EBRD) to evaluate the green hydrogen economy in Egypt, strengthen technical support and develop green hydrogen supply chains in the national economy.

Under the theme “The Way Forward: Building Resilience and Reshaping Development,” Al-Mashat is participating in the World Bank & IMF Spring Meetings, along with the participation of central bank governors, finance ministers, development partners, senior officials from the private sector, philanthropic organizations and academic, to discuss issues of global concern.