Egypt to sign deals worth $270 million for industrial emission cuts

By Aya El Sayed On Dec 4, 2023

Egypt's Enviroment Minister Yasmine Fouad speaks during part one of the closing ceremony of the COP26 UN Climate Change Conference in Glasgow on November 11, 2021. - Climate promises from nations at COP26 ring "hollow" while they continue to invest in oil, gas and coal, UN chief Antonio Guterres said Thursday, as the summit struggles to make headway its the goal to halt devastating warming. (Photo by ANDY BUCHANAN / AFP)

Egypt will sign project contracts to lower carbon emissions in the industrial sector with investments reaching $270 million, Minister of Environment Yasmin Fouad told Asharq Business on Sunday.

Fouad added that starting from 2025, Egypt will implement projects to cut down carbon emissions in the industrial sector with investments of up to $270 million, this statement came on the sidelines of COP28 in Dubai.

She also mentioned that the Egyptian government plans to complete the clean transport project, which aims to reduce the emissions of the transport sector by seven percent.

The minister further added that the government is looking for low-interest loans to fund these projects.