The EIB will continue to help power the transition to a greener and prosperous future that leaves no one behind as well as to support climate adaptation programmes
December 20, 2022/EIB
92% of Egyptian respondents say climate change is already affecting their everyday life; 63% believe that climate change and environmental damage have affected their income or source of livelihood; 74% of Egyptian respondents say investing in renewable energy should be prioritised.
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These are some of the key findings from the first African edition [1] of the European Investment Bank’s (EIB’s) 2022 Climate Survey. The EIB is the lending arm of the European Union and the world’s largest multilateral lender for climate action projects. Since 2018, the EIB has conducted similar large-scale climate surveys across Europe, China and the United States.
Gelsomina Vigliotti, vice-president of the EIB, said:
“Most Egyptian people express their concerns about climate change, which is already impacting their livelihoods. The European Investment Bank is listening to people’s concerns and working with Egyptian policymakers, the European Union and industry partners to address them. We very much welcome the choice for renewable energy of the Egyptian authorities. A great example of this strategy is the cooperation between the Egyptian authorities and the EIB to develop a large windfarm in the Gulf of Suez. This large-size windfarm project commissions an onshore wind farm some 400 km southeast of Cairo with up to 100 turbines. The EIB will continue to help power the transition to a greener and prosperous future that leaves no one behind as well as to support climate adaptation programmes.”
Egypt is the EIB’s largest country of operation outside Europe. The EIB is working closely with Egyptian partners following COP27 to accelerate climate action investment, including in large-scale clean energy, sustainable transport, and water and wastewater.
Climate change and environmental degradation
The survey results confirm that climate change has negatively affected the livelihoods of Egyptian people, with 63% stating that their income has been affected. These losses are typically due to severe drought, rising sea levels or coastal erosion, or extreme weather events such as floods or hurricanes.
More than half of Egyptians (54%), close to the African average of 57%, say they or people they know have already taken some form of action to adapt to the impact of climate change. Some of these initiatives include investments in water-saving technologies to reduce the impact of drought and drain clearing in advance of flooding.
Investment in energy sources
When asked about the sources of energy their country should invest in to combat climate change, 74% of Egyptian respondents (compared with the African average of 76%) say renewable energy should be prioritised, far ahead of fossil fuels (12%).
The EIB has a long-standing relationship with Egypt, which dates back to 1979, and has provided €14 billion for long-term public and private investments across the country.
The EIB has operated in Africa since 1965. Since then, it has invested €59 billion in 52 African countries, supporting infrastructure projects, innovative firms and renewable energy schemes, in the public sector and private companies, from microenterprises to the largest multinationals. Africa needs several hundred billion euros a year of investments to address the challenge of climate change.
