(Ecofin Agency) – For a country like Egypt where tourism is one of the pillars of the economy, we must carry out a gradual decarbonization of the sector to hope to achieve climate objectives.
The International Finance Corporation announced on Sunday, November 24, a partnership with Orascom Development Egypt (ODE) to help this tourism and real estate developer improve energy and water efficiency, and reduce greenhouse gas emissions in several of its hotels located at its flagship destination, the tourist resort of El Gouna in Egypt.
IFC declares granting Orascom a sustainability-linked loan totaling USD 155 million. The loan will enable Orascom to take effective measures to improve the efficiency of its infrastructure, including heat pumps and solar heating, and to conserve water responsibly in its hotels. The aim is to reduce energy consumption from non-renewable sources by up to 50%, and water use by at least 20%.
« Egypt’s tourism industry contributes significantly to employment, foreign exchange earnings and tax revenues. Our partnership with Orascom Development Egypt demonstrates our shared commitment to supporting a strong and more sustainable tourism sector in Egypt » said Sérgio Pimenta, IFC vice president for Africa.
Tourism, like most economic sectors, is not immune to the reality of climate change and must adapt to be sustainable. In Egypt where it contributed 24% to GDP in 2023 according to the report of the World Travel and Tourism Council (WTTC), it is even more imperative to adapt and reconcile it with national objectives of reducing carbon dioxide. greenhouse gas emissions.
Abdullah Diop
Senegal
Related News :