Sisi inaugurates EGYPES 2024, says Egypt gave a lot of money, effort to achieve its pledges

CAIRO – 19 February 2024: Egypt’s President Abdel Fattah al Sisi witnessed on Monday the inauguration of the seventh edition of Egypt Energy Show (EGYPES) 2024 at Al Manara International Conference Center in New Cairo.

Prime Minister Moustafa Madbouli, Petroleum Minister Tareq el Molla, senior state officials as well as industry leaders and chief executives of major energy and oil companies are attending.

During his speech, Sisi said that countries in Africa and Egypt are among them, when they make pledges, the implementation process becomes difficult and not easy for them, because the least requirement is funding for these pledges to come true, especially since we need very huge investments

Sisi added: “Minster Tarek El-Mulla spoke about how, during the past 7 years, Egypt was able to introduce ‘clean cooking’ in about 60% of residential units operate on natural gas. “Did you know the amount of effort that Egypt has put into implementing this?” He asked

“Over the past years, we have spent a lot of money just to achieve this goal. If the necessary funding is not available for countries whose economies are modest or difficult - what can they do?”

Sisi said that at the Paris Conference in 2015, it was said that nearly $100 billion will be pumped for energy, which was great. “But long after the conference, none of these pledges were implemented by the developed countries, which are primarily responsible for the global climate crisis”, Sisi said.

 

During EGYPES inauguration President Sisi said “Egypt has suffered firstly from COVID19, then the Russian-Ukrainian crisis, then on our borders with Libya, and currently in Gaza, and even the profits of the Suez Canal shipping lane, which declined at a rate of about 40%.

If Egypt is keen to implement its pledges, you must know that this requires Egypt to spend a lot of money and a lot of time and effort so that we can implement these pledges.”

He stressed that in Africa, there are multiple renewable energy sources such as hydropower and dams, but the numbers required are very large to implement these projects, and African countries do not have insurance funds - credit risks - for such huge projects.”

Sisi noted that: “Therefore, everyone must cooperate, including financial institutions, the private sector, and all parties, in order to take into account, the circumstances of African countries with economic challenges.”

 

The EGYPES 2024 is held under the rubric “stimulating energy: securing supplies, energy transition and emissions reduction” and will last until February 21.

The conference proceedings began with the screening of a documentary titled "The Importance of the Energy Sector and the Energy Transition Process," which showcased the ongoing developments in the energy field that intersect and correlate with our needs.

The film addressed the utilization of diverse energy sources for the next generation and the emergence of a new eco-friendly system that relies not only on hydrocarbons but also on a variety of energy sources.

Egypt stands out as a regional energy hub under the wise leadership of President Sisi, aligning with Egypt's Vision 2030. This entails expanding infrastructure, developing major low-carbon projects, and fostering bilateral and trilateral partnerships that serve as beacons on the path to energy transition.

Following the documentary film, Christopher Hudson, President of DMG Events, the organizing company of the seventh Egypt International Energy Conference and Exhibition (EGYPS 2024), delivered a speech, expressing his gratitude for the presence of President Abdel Fattah el-Sisi and also thanked Minister of Petroleum and Mineral Resources Tarek El Molla.

He stated, “Advancing energy transition, securing supply, and decarbonizing our industry are the essence of this conference. Innovating new partnerships to support economic growth and progress, increasing supply and demand, we strive for a balance that requires collective action to foster fruitful collaboration across the industry to accelerate the energy transition, unprecedented in its scale.”

“We indeed have indispensable energy sources, and there are also new energies such as green hydrogen and innovations in this field, which are crucial for achieving this transformation and progress in the energy sector. Egypt plays an active and vital role as a platform and catalyst for change, innovation, and investment. Together, we work to achieve and secure a sustainable energy future,” he added.

He pointed out that discussions would revolve around policies, strategies, and building fruitful partnerships to achieve an efficient energy industry for the future in North Africa and the Mediterranean region. He added, "Egypt has a vital role in this vast ecological system... Over the past 7 years, Egypt has been taking steady steps towards fulfilling this commitment, ensuring continuous development and addressing challenges in this critical industry."

Hudson also added that “We move forward towards the future, with tremendous opportunities for dialogue, collaboration, and discussions to advance energy, build business opportunities, and foster sustainable development in the global economic sector.”

President Abdel Fattah al Sisi Monday posed for a photo op with Prime Minister Moustafa Madbouli, Petroleum Minister Tareq el Molla and several other ministers at Al Manara International Conference Center in New Cairo ahead of the seventh Egypt Energy Show (EGYPES) 2024.