Egypt – The International Monetary Fund’s Public Climate Investment Report warned Egypt of facing high risks from natural disasters as it is vulnerable to climate change due to its dependence on the Nile River.
According to the report issued by the IMF on Thursday evening, the Nile Delta region, with its high population density, is one of the most prominent places that will be affected by climate change.
The IMF explained that the most prominent risks of climate change include rising sea levels, drought, heat waves, sand and dust storms, heavy rains, flash floods, and rockslides.
The Fund said that Egypt has committed in its nationally determined contribution to low-carbon growth rates that are resilient to climate change, but it believes that this constitutes a challenge that is exacerbated by high population growth rates, urbanization, and limited financial space.
Egypt’s population is expected to grow by 44% from 2022 to 2050, according to the report.
The IMF noted that Egypt’s hosting of the activities of the Twenty-Seventh Conference of the Parties under the United Nations Climate Change Convention in November 2022 resulted in significant impacts on awareness of climate change in the country.
He pointed out that the government has initiated a number of policies and measures to address climate change, noting that Egypt’s National Climate Change Strategy for 2050 sets out a path to transition to a low-carbon economy capable of adapting to climate change and subsequent public infrastructure, including strengthening legal and regulatory requirements.
According to the report, Egypt has set quantitative targets to reduce greenhouse gas emissions in three main sectors: energy, transportation, and oil, by 23.5% by 2030.
Climate change adaptation goals, which are still at an early stage, will focus on vulnerable sectors and develop a plan to adapt to rising temperatures.
Ivana Vladkova Hollar, head of the International Monetary Fund mission to Egypt, expected that the Fund’s experts would discuss the Egyptian authorities’ request to obtain the resilience and sustainability facility provided by the Fund, and the policies necessary to obtain this financing, which will be to address climate change.
These policies are likely to be discussed during the third review of Egypt’s economic reform program with the Fund by next June.
Source: Al Mal newspaper
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2024-04-06 03:23:46
