Transition initiative launched at Cop28 provides welcome guide
Egyptian real estate developer Tatweer Misr was present at Cop 28 as part of the UN Global Compact which launched the BEST (Built Environment Sustainable Transition) during the recent climate change conference which was staged in the UAE.
“This is the first initiative of its kind in Egypt,” said Tatweer Misr president and CEO Dr Ahmed Shalaby. “With this initiative we will try to help the transformation of our industry, real estate and construction in Egypt. This is really important because we don’t have clear standards in Egypt for this transition.”
Shalaby said discussions will be opened with property developers, contractors, the building material manufacturers and the government.
“In order to be able to achieve this transition we really need clear government regulations and clear government incentives,” Shalaby said.
He explained that developers need to be incentivised in order to accept the transition and to be able to accommodate the extra cost involved without disrupting the market.
“This was one of the of the most important outcomes,” Shalaby said. “I learned a lot about green finance, I learned about ESG, I learned about sustainability reporting,” he said, althoughTatweer Misc has been active in sustainability since its inception in 2014 and all of its developments have been designed to be smart and sustainable but from the technical and commercial perspectives.
“We haven’t put it into the right framework, so joining the Cop 27 in Egypt and then Cop 28 in the UAE, along with the UN Global compact, educated us about the right framework to address sustainability. This way I think we are on the right track to approach green finance and other benefits that we can utilise.”
“I understand sustainability from a technical point of view, but commercially there are still a lot of questions: how to get the right funding, how to get the right finance, how to get the right materials?
“Developers can play an important role, even as policy advocates to help transform the whole industry to be more sustainable.”
