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Egypt’s SCZone reaffirms green transition with $25 billion energy deals
Egypt plans to reduce its reliance on electricity from non-renewable sources.
As leaders gear up for COP27, Egypt is making significant strides to showcase its commitment to climate action. Recently, the country announced that its Suez Economic Zone (SCZone) would record approximately $25 billion in green energy deals ahead of the UN climate change summit to be hosted in the coastal city of Sharm El Sheikh in November.
The government plans to ramp up renewable energy contribution to 42% by 2035. It is working to build a “regional and global hub for the production of green fuel” in conjunction with COP27.
Fifteen projects from the energy deals announced will be focused in the Ain Sokhna economic zone and one in East Port Said, the former located west of the Gulf of Suez and the latter closer to the north of the Suez Canal.
Last week, Egypt signed seven MoUs with key players, including the SCZone, the Sovereign Fund of Egypt, the Egyptian Electricity Transmission Company, and companies from Egypt, India, Saudi Arabia, the UK, and the UAE.
The SCZone-focused projects align with the Egyptian government’s ambitious plans to reduce the reliance on electricity from non-renewable sources. The announcement follows a collaboration between India and Egypt, where both nations will build a green hydrogen factory at the SCZone.
Throughout the year, Egyptian President Abdel-Fattah El-Sisi has 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 of climate change and focus on the green economy.
Earlier in May, the government announced that it plans to promote renewable energy, reduce carbon emissions, and promote the use of alternative energy forms as a part of the National Climate Strategy 2050.
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