- | 1:30 pm
Egypt wants to increase focus on renewable energy
The Egyptian government re-emphasized the use of renewable energy and looked to reduce its carbon emissions as a part of its national strategy.
Egyptian President Abdel-Fattah El-Sisi has asked the country’s government to increase the reliance on renewable energy and maximize its value to diversify energy sources for the development process.
In a meeting that Prime Minister Mostafa Madbouly, Minister of Petroleum and Mineral Resources Tarek El-Molla, Minister of Planning and Economic Development Hala El-Said, and Finance Minister Mohamed Maait attended, El-Sisi emphasized the use of renewable energy sources, including green hydrogen.
El-Sisi directed the government to add green hydrogen, along with wind and solar energy, to the local integrated energy system in collaboration with the private sector to keep up with the global development on climate change and focus on the green economy.
The forum also reviewed the progress of Egypt’s strategy for integrated and sustainable energy. The country plans to increase renewable energy to as high as 42% of its energy mix by 2035 – which is when it feels that it can optimally utilize its potential for renewable energy.
Earlier in May, the government announced that it plans to promote renewable energy, reduce carbon emissions, and promote the use of alternative energy forms, including green hydrogen, as a part of the National Climate Strategy 2050.
In line with this strategy, Egypt has also signed an MoU with an Indian company called ReNew to set up a massive green hydrogen factory at the Suez Canal Economic Zone (SCZone). This project will see ReNew invest $8 billion to set up a production unit with an annual capacity of 20,000 tonnes – which will be later increased to 220,000 in the second phase.
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