Egypt to invest up to $270M into emission reduction

CAIRO - 3 December 2023: Egypt plans to invest up to $270 million in projects aimed at reducing carbon emissions from the industrial sector during COP28. These initiatives are expected to commence in early 2024, Yasmine Fouad announced in an interview with Asharq Bloomberg.

Egypt is also committed to reducing emissions from the transportation sector by 7 percent. To achieve this goal, the country intends to carry out clean transportation projects, with investments totaling EGP 1 billion.

Fouad added that the state is implementing various projects related to food, water, and energy, with investments of $15 million. These projects were initiated during COP27, and Egypt aims to conclude them during COP28.

As part of Egypt's broader strategy to combat emissions, the country recently signed a joint work program with the International Energy Agency (IEA). This program aims to address methane emissions from fossil fuel use, promote renewable energy deployment, and support hydrogen production.

Moreover, the Suez Canal Economic Zone (SCZone) and Norway's Scatec ASA have signed a memorandum of understanding (MoU) worth $1.1 billion. This agreement aims to supply ships in East Portsaid with green fuel, further promoting sustainable practices in maritime transportation.