Supporting the private sector key for the green transition in the Southern Mediterranean region-experts

CAIRO — Intensifying cooperation among the private sector representatives and stakeholders is essential to accelerate the green growth in the Southern Mediterranean region, experts said during the MED Business Days South 2023 on Wednesday.

Speaking at the opening of the event held in Cairo under the theme “In the wake of the COP27, how can the private sector address climate change and promotion green growth, Barbara Beltrame Giacomello, president of BUSINESSMED and Vice President of Internationalisation CONFINDUSTRIA in Italy said partnerships among businesses are key for the creation of sustainable development.

“It is important to foster partnerships and cooperation among t5he private sectors in the Mediterranean region to enhance sustainability and green growth and drive green transition,” she said, stressing on the important role of the international organisations and non-governmental organisations in the green transition journey.

Jihane Boutiba Director of EBSOMED Project, Secretary General of BUSINESSMED underscored the significance of the gathering, saying it provide an appropriate platform for networking and exchanging expertise in this arena.

The experts said intensified cooperation among the various stakeholders is the key to help achieve net-zero targets.

Mohamed Zaki El Sewedy, president of the Federation of Egyptian Industries, said cooperation is key for decarburization.

“There is a great opportunity in the Mediterranean region for increased partnerships and cooperation to work towards common objectives in the green energy transition,” El Sewedy added.

For his part, Nikolaos Zaimis, Head of Trade Section at the European Union Delegation to Egypt, stressed on the EU’s commitment to support the climate resilience of the southern Mediterranean region.

“The region is warming at a rate of 20 per cent more than other regions and there are less FDIs and less GDP growth, thus we need to accelerate investments in the region, “ Zaimis added.

He stressed on the importance of more efforts to make industries cleaner and more competitive, calling for facilitating green financing especially among SMEs.

“The EU needs a strong private sector in the southern region of the Mediterranean,” he added, underlining the significance of the support provided by stakeholders and regulators to accelerate the transition towards green energy.