GAFI is proud to partner with UNCTAD and CRCICA

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11-11-2022
GAFI is proud to partner with UNCTAD and CRCICA

​​​GAFI is proud to partner with UNCTAD and CRCICA for the session on "Promoting Sustainable Investment while upholding Environmental Protection in Egypt's Regulatory Framework for Investment and Climate Action" held in Egypt's pavilion during ​COP27. 


 ​During the session GAFI recalled the first green hydrogen project in Africa which will place in the Suez Canal economic zone by SCATEC solar in partnership with the sovereign state fund of Egypt and ORASCOM. It was also noted that Egypt is currently the fastest growing renewable energy market in Africa and the Middle East. GAFI also provided specific recommendations on how to promote investment in the renewable energy sector. 

 

The session highlighted Egypt's efforts to make FDI contribute to sustainable development through national and international policies; it also shed light on the need to reform the international investment treaty regime. 

 

In this context, ​UNCTAD called for more balanced treaties that include pro-active provisions to promote and facilitate sustainable investments and that maintains the right of States to implement measures to combat climate change. There is a need to re-conceptualize the scope and content of IIAs and to move away for the narrow "investment protection only" model.​


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