The Minister of Planning and Economic Development meets HSBC's CEO for (MENAT) region
10 November 2021
H.E. Dr. Hala El-Said, Minister of Planning and Economic Development, met on Wednesday with Ambassador Stephen Moss, Chairman of the Board of Directors of HSBC Bank for the Middle East, North Africa, and Turkey (MENAT) region, and a team of economic and sustainability experts at the Bank.
The meeting took place on the sidelines of her participation in the activities of the Conference of the States Parties to the United Nations Convention on Climate Change Climate (COP 26) held in Glasgow, United Kingdom, which will run until November 12th.
During the meeting, El-Said reviewed some national programs and plans in the field of supporting green transformation, such as updating Egypt's Vision 2030, the national program for structural reforms, applying environmental sustainability standards, establishing The Sovereign Fund of Egypt (TSFE) and its vision to invest in green projects such as green hydrogen production projects.
Dr. Hala El-Said also referred to TSFE's joining of the "One Planet" alliance of sovereign funds headed by French President Emmanuel Macron, which aims to support the implementation of the goals of the Paris Agreement on Climate Change.
For his part, Mr. Stephen Moss reviewed a number of the Bank's initiatives in the field of sustainability and confronting climate change, in particular, the adoption of standards to support private infrastructure projects, and their compatibility with climate change standards, and the Bank's adoption of a strategy for governance and sustainability.
This strategy is based on several elements such as digital transformation and emissions reduction, economic assessment of the phenomenon of climate change, and their willingness to exchange experiences with Egyptian banks to prepare similar strategies.
He also referred to the evolution of the COPs on climate change from mainly negotiating meetings to a forum that brings together all actors from governments, the private sector, civil society, and financing institutions, which constitutes an opportunity for networking between these actors and support for Egypt's national agenda.