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Soaring inflation hinders Egypt’s climate ambition in updated plan
(Climate Home News, 8 Jul 2022) Soaring food and fuel prices, an economic downturn and ballooning debt will restrict Egypt’s investment in climate action, the host of the next UN climate summit has said in its updated climate plan.
The Egyptian government submitted its long-awaited 2030 climate plan to the UN this week, four months before welcoming delegates to Cop27 in the Red Sea resort of Sharm el-Sheikh.
After weathering the worst impacts of the pandemic, the nation of 102 million was hit hard by disruption to wheat imports from Ukraine since Russia’s invasion.
With inflationary pressures compounding a slow Covid-19 recovery, growth declined while Egypt’s foreign debt rose to “an alarming” $145.5bn and is expected to consume almost 45% of the country’s revenues this financial year.
“Consequently, all these factors limit Egypt’s ambition on allocating future climate investments,” the document reads, calling for international support to fund its $246 billion climate plan.
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Climate Home News, 8 Jul 2022: Soaring inflation hinders Egypt’s climate ambition in updated plan
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