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A Lifeline For Investment and Tourism in Egypt

What is COP ?

word “COP” stands for “Conference of the Parties”.

There are “COPs” one for each of the three Rio Conventions that emerged from the UN Earth Summit in Brazil in 1992, on biodiversity, climate change and desertification. 

On climate change, the COP is the supreme decision-making forum of the United Nations Framework Convention on Climate Change (UNFCCC), bringing signatory governments together once a year to discuss and agree how to jointly address the climate change and its impacts.

World leaders, ministers, negotiators, civil society, businesses, international organizations and the media all attend.
Work to reach agreement takes place mainly among negotiators, which include ministers, with “observer” organizations attending to bring transparency, as well as broader perspectives, to the process.

COP is hosted by a different government every year. The first such meeting “COP1” took place in Berlin, Germany in 1995. Last year, COP26 was jointly hosted by the UK and Italy in Glasgow, Scotland and the UK and Italy continue to hold the COP presidency until COP27 taking place this year in Sharm El-Sheikh, Egypt.

COP27 : Sharm El-Sheikh, Egypt - 2022

The Conference is considered the largest in Sharm El-Sheikh history since its inception. The conference will be held next November, with 40,000 participants. It will include more than 60 presidents and kings, in addition to prime ministers and civil society organizations from different nationalities, who will discuss issues related to climate and climate change and its impact on life.

The country’s efforts to turn the coastal city into an eco-friendly, sustainable and integrated tourism city to host COP27 from 7-18 November, with more than 30 environment-related projects to increase green spaces and boost reliance on renewables used for transportation and hotels.

Plans for Sharm El-Sheikh include developing 30-feddan central park with sustainability criteria, convert the city's hotels to renewable energy sources and apply a new system for solid waste management through the private sector.

In addition, to upgrade Sharm El-Sheikh International Hospital to become the first green medical facility in Egypt and Africa through eco-friendly tools.
Sharm El-Sheikh International Airport has been expanded to accommodate 10 million tourists annually instead of 7.5 million.

COP27 : Attracting Investments to Egypt

COP27 is certainly a “not to be missed” opportunity for Egypt not only to advance its climate action, but also to speed up the implementation of its Vision 2030 strategy that is well aligned with the UN 2030 Sustainable Development Agenda.

Also, Sharm El-Sheikh projects are part of the country's National Climate Change Strategy 2050, which will chart a map for each governorate's smart green projects, connecting them with funding agencies and attracting the necessary investments.

For the past years, Egypt had good experience in raising private-sector engagement in renewable energy and energy efficiency projects. Now special attention is dedicated to attracting private investment to projects that may be characterized as of low commercial readiness due to their high transaction costs and long payback periods and hence perceived low profitability.

COP27 : Reviving the Tourism in Egypt

As the tourism sector is the fastest way to bring about economic recovery and raise growth rates, Egypt seeks to achieve the greatest possible benefit at all levels from COP27. The forefront of these plans will benefit from incoming tourism to Egypt during the period of hosting the conference in Sharm El-Sheikh.

In addition all the projects that are being implemented at the moment in Sharm El-Sheikh as preparations for the Summit, are creating a golden opportunity to increase the number of tourists coming to the city in the coming years.

The conference will not promote the tourism in the hosting city only but will serve the surrounding cities too, like “Dahab, Nuweiba, Taba and St. Catherine”. More hotel facilities has been established and providing more high-quality recreational activities and services, which will contribute to attracting more tourists. In addition to doubling the volume of aviation capacity, with the aim of transporting tourists from different countries.

The conference is being held this year in light of the Russian - Ukrainian crisis, which had consequences on all levels, including tourism, which necessitates the need to exploit this event and work accordingly to an integrated program in promoting and introducing the city of Sharm El-Sheikh globally to attract alternative markets for the tourism sector revitalization.

COP27 is an excellent opportunity for Egypt to crowd in private investment, thus promoting the mobilization of sustainable financial flows and ultimately increasing private-sector engagement in financing sustainable development in Egypt and bringing in much-needed innovation and technology upgrading, whenever commercially viable.