WMRA & CEDARE co-organize the Consultation Session on Financial Mechanism to incentify SUPB alternatives

“This session comes as part of the consultation sessions which we are keen to involve different stakeholders in, to agree on the procedures required to activate the national strategy to reduce SUPB. It also embodies the Ministry of Environment’s efforts in incentifying the production of alternatives, and encouraging environmental investments, which, indeed, turn environmental challenges into spectrum of opportunities for investors”, said Dr. Tarek Al-Araby, CEO of WMRA.

On the same note, Dr. Hossam Allam, Sustainable Growth Regional Director, added: “Falling under the SwitchMed II Project’s activities that foster the implementation of the national strategy and action plan to minimize the consumption of SUPB, this consultation mainly targeted two sectors: government officials and producers of alternatives as the key stakeholders. It shed light on a set of economic policies and financial mechanisms adopted worldwide, explored their feasibility in the Egyptian context, and discussed the financial mechanisms and economic policies proposed by experts. It also identified the applicable policies at the national level”.

The conclusions of this important session will be considered in the implementation plan of the Ministry of Environment and its outcome will be incorporated in the Financial Mechanisms Report to stimulate the production of SUPB alternatives. This multi-stakeholders’ approach reflects the Ministry’s commitment to achieving sustainability while supporting green economy.

The SwitchMed II project (Policy Component) in Egypt is implemented by the Ministry of Environment and CEDARE in partnership with UN Environment, as part of SwitchMed, the EU-funded Programme. The Project seeks to promote sustainable consumption and production practices in the Mediterranean countries and support their transition to a solid circular economy through the formulation of appropriate policies and raising public awareness about sustainable consumption and production patterns.