On Monday, Egypt’s Ministry of Environment announced that it has successfully mobilized financial resources amounting to approximately $834 million in grants and loans to bolster an array of environmental initiatives, according to a recent report.
The report elaborated on the progress made in environmental compliance plans for several petroleum companies operating in the Gulf of Suez.
A total of twelve sites belonging to nine companies have been under scrutiny. Remarkably, two of these companies have fully executed their environmental remediation strategies, effectively ending any further pollution in the marine ecosystem.
Additionally, treatment facilities have been established at three sites.
The execution of environmental cleanup plans for four more companies is also being supervised, with an average accomplishment rate of around 70%. Furthermore, environmental remediation plans for five electricity generation facilities have been completed.
The report shed light on the ministry’s collaborative efforts with the Ministry of Finance and the Ministry of Planning and Economic Development to issue Egypt’s inaugural sovereign green bonds, which totaled $750 million.
Notably, the Ministry of Environment has finished the first stage of developing an interactive map to outline the risks of climate change in Egypt, and work is currently ongoing to wrap up the project’s second phase.
