These include tax exemptions of 33% to 55% for income from green hydrogen projects initiated within the next five years. The government is also committed to increasing the use of green financing tools, to direct 50% of government investments towards environmentally sustainable projects. To diversify sustainable financing, Egypt has issued “panda” bonds worth CNY 3.5bn in the Chinese market and “samurai” bonds totaling JPY 75bn in the Japanese market, earmarked for eco-friendly investments. Furthermore, Egypt has secured approximately $1.5bn in financing from international institutions, supporting the nation’s climate change goals amidst global economic challenges. This shortfall highlights the urgent need for increased climate financing and the economic implications of the green transformation.

Source: Daily News Egypt December 06, 2023 17:21 UTC