Cairo – February 14, 2024: Egypt is committed to developing a diverse energy portfolio, integrating both renewable sources and traditional fuels to enhance energy security, explained Minister of Petroleum and Mineral Resources, Tarek El Molla, on Tuesday.
El Molla outlined Egypt's revised goals for national emissions reduction contributions, aiming to expand the country’s use of green energy and achieve a 42% integration of renewable energy into the energy mix by 2035.
The minister was participating in a roundtable discussion titled "Renewable Energy for Sustainable Economic Development in Africa: Transforming Vision into Reality" during the International Energy Agency (IEA) gathering in Paris.
Emphasizing Egypt's progress in renewable energy development and emissions reduction, El Molla highlighted ongoing initiatives to mitigate emissions and promote environmentally sustainable energy, combined with the country’s economic reforms to incentivize investments in green energy projects.
The minister also underscored the establishment of the first sovereign fund for clean energy and sustainable water management, and outlined state plans to produce low-carbon hydrogen as an affordable and eco-friendly energy source, noting several signed framework agreements in the field of green hydrogen to localize the industry in Egypt.
He also acknowledged the challenges faced by African countries in executing green energy projects and transitioning to sustainable energy sources, stressing the pivotal role of funding and cooperation agreements in unlocking the continent’s potential.
Highlighting Africa's right to receive an equitable share of international funds for a balanced energy transition, the minister stressed the responsibility of international financial institutions in financing investments in Africa. He specifically mentioned support for decarbonization efforts, methane emissions reduction projects, and technologies associated with carbon capture, storage, and utilization.
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