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Egypt Today
15-06-2025
- Business
- Egypt Today
Egypt Secures Spot in $1B Climate Investment Program: PlanningMin
Cairo – June 15, 2025: Egypt has been selected as one of only seven countries worldwide to benefit from the Climate Investment Funds' (CIF) $1 billion Industrial Decarbonization Program, aimed at reducing emissions in developing nations' industrial sectors. The announcement was made by Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation, who emphasized that the selection from a competitive pool of 26 applicant countries underscores international confidence in Egypt's climate policies and green transformation agenda. The initiative, launched under the CIF's Clean Technology Fund (CTF), is the first of its kind to focus exclusively on industrial decarbonization in emerging markets. Egypt joins Brazil, Mexico, Namibia, South Africa, Turkey, and Uzbekistan as the first recipients of support from the program. According to Al-Mashat, Egypt's proposal was submitted in partnership with key international financial institutions, including the European Bank for Reconstruction and Development (EBRD), the World Bank, the International Finance Corporation (IFC), and the African Development Bank (AfDB). The submission highlighted Egypt's strategic shift toward a green economy, institutional readiness, and the engagement of private sector actors in climate financing. 'This achievement affirms global trust in Egypt's vision and efforts to align national development strategies with climate goals,' Al-Mashat stated. 'We are committed to strengthening our institutional capacity and promoting investment policies that foster environmental sustainability and economic competitiveness.' The CIF noted that the seven selected countries were chosen based on an independent evaluation. The program aims to accelerate the transition to low-emission industrial systems, spur green job creation, and position participating countries to capitalize on a growing global market for environmentally sustainable goods—projected to reach $2 trillion by 2030. Al-Mashat also pointed to Egypt's heightened climate action momentum since hosting the COP27 summit in Sharm El Sheikh in 2022. During the summit, Egypt launched the 'NWFE' (Nexus of Water, Food, and Energy) country platform, an internationally recognized model that seeks to drive climate investment through partnerships involving the government, development agencies, and the private sector. In addition to the decarbonization initiative, Egypt was previously recognized by the CIF during COP27 as the top-ranked country in the North Africa and Europe region under the 'Nature, People, and Climate Investment' program—a separate $500 million initiative supporting projects in climate-smart agriculture, coastal restoration, and inclusive green development. Ongoing technical discussions are being held to leverage that funding within the NWFE framework. Tariye Gbadegesin, CEO of CIF, underscored the urgency of industrial decarbonization, particularly in emerging economies. 'The global race to decarbonize the industrial sector has begun, and emerging markets are leading the way,' she said. 'This is not just about emissions; it's about ensuring long-term prosperity, generating jobs, and producing the low-carbon materials essential to scaling renewable energy and powering the global economy.' Under the program, the selected countries will develop detailed investment plans in collaboration with multilateral development banks and private sector partners. Once approved by the CIF board, these plans will unlock access to highly concessional financing to scale up technologies like green hydrogen and low-carbon industrial processes. The CIF's Clean Technology Fund, valued at $9 billion, employs a groundbreaking private capital mobilization mechanism—one that reportedly generates $12 in additional investment for every $1 of CTF funding—making it a key tool for driving large-scale sustainable development.
Daily News Egypt
14-06-2025
- Business
- Daily News Egypt
Egypt selected for $1bn climate fund decarbonisation programme: Al-Mashat
Egypt has been selected as one of seven countries to benefit from the Climate Investment Funds' (CIF) $1bn Industrial Decarbonisation Programme, Minister of Planning, Economic Development and International Cooperation Rania Al-Mashat announced on Saturday. Egypt was chosen from a global pool of 26 applicants for the programme, which is the first global development financing initiative aimed at reducing emissions in the industrial sector of developing countries. The other selected nations are Brazil, Mexico, Namibia, South Africa, Turkey and Uzbekistan. Al-Mashat said the selection reflects international confidence in Egypt's climate action strategies. 'The selection reflects international institutions' confidence in national climate action strategies and green transformation efforts,' Al-Mashat stated, adding that a 'strong institutional framework and effective partnerships with development partners and the private sector contributed to Egypt's winning bid among 26 countries.' The ministry submitted Egypt's proposal in collaboration with the European Bank for Reconstruction and Development (EBRD), the World Bank, the International Finance Corporation (IFC) and the African Development Bank (AfDB). The submission was based on Egypt's green economy transition goals, institutional capabilities and private sector participation. The minister said the government is working to integrate national policies with climate objectives and that Egypt has intensified its climate efforts since hosting the COP27 summit in November 2022. During the summit, Egypt launched its 'NWFE' country platform, a programme designed to attract climate investments through government, private sector and international partnerships. The CIF confirmed that an independent expert team assessed the applications. The programme aims to support low-emission industrial transformation, create green jobs and improve the long-term economic competitiveness of participating nations, positioning them to benefit from a global market for eco-friendly goods projected to reach $2trn by 2030. Tariye Gbadegesine, CEO of the Climate Investment Funds, said emerging markets are playing a key role in the effort to reduce industrial carbon emissions. 'The global race to decarbonize the industrial sector has begun, and emerging markets are leading the way,' Gbadegesine said. 'Decarbonizing industry is not just about cutting emissions, it is also about securing long-term prosperity and future jobs. It is vital to produce the low-carbon industrial inputs the world urgently needs to scale renewable energy capacity and power the global economy.' The seven selected countries are expected to work with multilateral development banks and private sector partners to develop investment plans for approval by the CIF board. The plans will allow them to access concessional financing to scale up clean technologies, such as green hydrogen. The Industrial Decarbonisation Programme is part of the CIF's $9bn Clean Technology Fund (CTF). According to the CIF, the fund uses a private capital mobilisation mechanism that generates $12 in additional financing for every dollar it invests. During the COP27 conference, Egypt also ranked first in the North Africa and Europe region for the CIF's Nature, People, and Climate Investment initiative, which provides $500m to support projects in developing countries. The ministry said technical discussions are underway with the CIF to use this initiative to fund projects under the 'NWFE' programme.
See - Sada Elbalad
14-06-2025
- Business
- See - Sada Elbalad
Al Mashat Announces Egypt's Selection to Benefit from CIF's Industrial Decarbonization Program with $1 Billion Funding
Basant Ahmed Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation, announced Egypt's selection among 7 countries out of 26 applicants to benefit from the Climate Investment Funds (CIF) Industrial Decarbonization Program. This program is the first global development financing initiative dedicated to reducing harmful emissions in the industrial sector of developing countries, with a value of $1 billion. Dr. Al-Mashat pointed out that the Ministry of Planning, Economic Development and International Cooperation, in its role of fostering economic relations with international institutions and development partners, submitted Egypt's proposal in collaboration with the European Bank for Reconstruction and Development (EBRD), the World Bank, the International Finance Corporation (IFC), and the African Development Bank (AfDB). This submission was based on Egypt's ambitious vision for transitioning to a green economy, reducing emissions, robust institutional capabilities, and the active participation of both domestic and foreign private sectors, particularly through development financing. Minister Al-Mashat added that Egypt's selection among the 7 countries underscores the international community's confidence in the national strategies and efforts exerted to enhance climate action. This selection also represents a significant step towards boosting the competitiveness of the Egyptian economy and attracting more climate investments. She highlighted that the Egyptian government is working to integrate national policies and development goals with climate objectives, aiming to advance the implementation of green transformation-incentivizing policies in cooperation with international institutions. Dr. Al-Mashat emphasized that Egypt has intensified its climate action efforts, particularly since hosting COP27 in November 2022. During this conference, Egypt launched the "NWFE" program country platform, a pioneering initiative that has received unprecedented international support and continuous commendations for its role in encouraging climate investments through partnerships among the government, international institutions, and the private sector. The CIF confirmed that the 7 selected countries (Egypt, Brazil, Mexico, Namibia, South Africa, Turkey, and Uzbekistan) were chosen based on an independent expert team's assessment. The program aims to support low-emission industrial transformation and create green jobs, thereby enhancing the long-term economic competitiveness of participating countries and qualifying them to benefit from the global market for eco-friendly goods, which is projected to reach $2 trillion by 2030. This program is part of the Clean Technology Fund (CTF) under the CIF, which has a total value of $9 billion. It leverages the CIF's private capital mobilization mechanism, which is the first of its kind in mobilizing private capital to support countries' sustainable, inclusive, and resilient development priorities. Tariye Gbadegesin, CEO of the Climate Investment Funds (CIF), stated, "The global race to decarbonize the industrial sector has begun, and emerging markets are leading the way. Decarbonizing industry is not just about cutting emissions, it is also about securing long-term prosperity and future jobs. It is vital to produce the low-carbon industrial inputs the world urgently needs to scale renewable energy capacity and power the global economy." It is worth noting that in November 2022, during the COP27 climate conference in Sharm El Sheikh, H.E. Dr. Rania Al-Mashat announced that Egypt's bid ranked first among countries in the North Africa and Europe region in the CIF's Nature, People, and Climate Investment initiative. Through this initiative, CIF provides $500 million in support for implementing projects in developing member countries. Technical discussions are underway between the Ministry, relevant entities, and CIF to leverage this initiative by funding a number of projects under the "NWFE" program in areas such as climate-smart agriculture, agribusiness and agricultural finance, coastal ecosystem restoration, and stimulating private sector participation as a common pillar. The seven selected countries are expected to collaborate with multilateral development banks and private sector partners to develop investment plans for approval by the CIF board. These plans will enable countries to access highly concessional financing to scale up the adoption of clean technologies, such as green hydrogen and low-carbon industries, to achieve a global energy transition. The program provides developing countries with access to development financing, attracts investments for climate transformation projects, and creates green job opportunities. This program is part of the Clean Technology Fund (CTF) under the Climate Investment Funds (CIF), which has a total value of $9 billion. It relies on the fund's private capital market mechanism, which is the first of its kind in mobilizing private capital to support countries' sustainable, inclusive, and resilient development priorities. For every dollar invested by the Clean Technology Fund, $12 in additional financing is generated. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks News Shell Unveils Cost-Cutting, LNG Growth Plan Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean News 3 Killed in Shooting Attack in Thailand
CairoScene
09-06-2025
- General
- CairoScene
Sharm El-Sheikh Joins Global ICLEI Network as Egypt's First Green City
Sharm El-Sheikh launched 39 sustainability projects, including solar and green transport initiatives. Jun 09, 2025 Sharm El-Sheikh has officially joined ICLEI – Local Governments for Sustainability – becoming the first city in Egypt to be part of the international network dedicated to sustainable urban development. This step recognises the city's progress in implementing environmental reforms since 2018, when it hosted the UN Biodiversity Conference, and more recently, the 2022 UN Climate Change Conference (COP27). As part of preparations for COP27, nearly 39 environmental projects were carried out under presidential directives to transform Sharm El-Sheikh into a comprehensive green city. These included infrastructure upgrades such as 145 kilometres of bike lanes, the introduction of a public bike-sharing system, and the expansion of electric and solar-powered public transport. Renewable energy investments reached EGP 800 million, resulting in a solar power production capacity of 51 megawatts. Community-led waste management programmes were also introduced to encourage recycling and reduce overall consumption. Preservation efforts have extended to Ras Mohammed National Park, where biodiversity protection programmes are being updated to safeguard over 3,000 marine species. Behavioural change has also been identified as key to the city's green transformation, with public campaigns promoting reduced resource use and wider adoption of clean energy. While Sharm El-Sheikh is the first Egyptian city to join ICLEI, El-Kharga in the New Valley Governorate was previously recognised as a green city by the Arab League. Egypt's broader sustainability strategy is expected to bring more cities into international sustainability networks in the near future.
Edinburgh Live
08-06-2025
- Business
- Edinburgh Live
Edinburgh University boss who 'didn't know his own salary' spent £47k on luxury travel
Our community members are treated to special offers, promotions and adverts from us and our partners. You can check out at any time. More info A uni boss who told MSPs he didn't know his own £421,667 salary spent £47,000 on luxury foreign junkets in just two years. University of Edinburgh vice-chancellor and principal Sir Peter Mathieson racked up £42,456 on business class flights to destinations including South Africa, South Korea, the US and Hong Kong between March 2022 and May last year. An investigation by the Sunday Mail uncovered £3059 spent on accommodation, and £1336 on transport in Milan, London, Texas, Brussels, Warsaw and Hong Kong from September 2023 to last July. It comes as his lecturers are set to walk out in a dispute over a refusal to rule out compulsory redundancies as part of plans to save £140million. The principal, who took the role in 2018, appeared at a Holyrood committee last week and claimed he didn't know how much he earned. Scottish Conservative Shadow Cabinet Secretary for Education and Skills Miles Briggs said: 'When Sir Peter plans to cut many hundreds, and possibly more than a thousand, jobs at the University of Edinburgh, people will be surprised that there is still the budget for trips of this sort. 'International travel to promote the university may be reasonable, but it's difficult to see why it should cost tens of thousands of pounds while swingeing cuts are being made elsewhere and so many jobs could be under threat.' Unison's lead for universities, John Mooney said: 'People are appalled by the behaviour of Scotland's university top brass. Especially when the sector is in serious debt and hard-working staff are losing their jobs. 'Chancellors and principals get paid eye-watering salaries well beyond anything their students and staff could dream of. 'I can assure you ordinary university staff don't have the luxury of not knowing what their salaries are.' Mathieson – who earned £421,667 last year according to the uni's latest accounts – has racked up thousands on business class travel. A total of £8458 was spent on return business flights from Heathrow to South Africa's OR Tambo airport to visit the University of the Wit-watersrand in recognition of the importance of 'partners from the global south being in attendance' at a COP27 summit in May 2022. Expenses also included return flights from Edinburgh to South Korea which cost £8818 in May 2024. That was for a symposium aimed at fostering UK-Korea partnerships. He also claimed £4127 for return business class flights from Edinburgh to Washington in March 2022 and New Jersey in November 2023. And £4946 was spent to fly to Hong Kong in April last year. Holyrood committee convener Douglas Ross told Mathieson his reported six-figure package was more than the combined wages of First Minister John Swinney and PM Keir Starmer. Mathieson said: 'The figure that is often quoted in the press is something around £400,000 a year but I don't scrutinise my slip so I don't know the exact figure. 'I don't think it's quite as high as that but I'm certainly very well paid. 'I'd need to get my P60 out to show it to you but I don't carry that figure around in my head but I'm very well paid.' . He also confirmed he was given a five per cent pay rise last year and a 2.5 per cent increase this January When Ross asked if, given the cuts, a reduction in his salary would be beneficial, Mathieson said: 'I've made the point in the discussions about senior team pay that you could pay the senior team of Edinburgh university nothing and it would make almost no difference to the size of the expenditure challenge we face.' The expense figures were obtained by the Sunday Mail under Freedom of Information laws. Prior to March 2022, the university's travel management partner was Key Travel and as a result, in the 2021/22 financial year, the university does not hold details on flight class or destination. From August 1 2021 to February 28. 2022, the university holds only the year of the transaction, cost, and travel type. Members of the University and College Union will strike on June 20, with a five-day walkout in September. Mooney said: 'It's highly paid bosses' incompetence that got us into this mess but it's lower paid staff who pay the cost with their jobs and low pay. Our education system is too important for Scotland's skills, jobs and economy, we need to hold these people accountable.' The University of Edinburgh said: 'Each of these visits represent milestones for important projects and partnerships, many being the culmination of years of work by academics and professional staff from across the university.' It said its global profile is something it is 'hugely proud of' and added: 'As the University's most senior leader, the principal's presence at such events is vital for building relationships, encouraging investment and underlining our ongoing commitment to work with partners in delivering positive change worldwide.'
