Egypt aims for renewable energy to supply 42% of energy mix by 2040

Cairo – September 26, 2024: Minister of Electricity and Renewable Energy, Mahmoud Esmat, outlined key targets during the BRICS Energy Ministers Conference, including the goal for renewable energy to comprise over 42 percent of Egypt's energy mix by 2040 and ambitions to capture 5-8 percent of the global trade for green hydrogen by the same year.

During the opening of the conference in Moscow, Esmat highlighted Egypt's commitment to transitioning to sustainable energy sources and leveraging its abundant renewable resources, particularly solar and wind energy.

Esmat noted that Egypt's strategy focuses on effectively managing and maximizing the benefits of its natural resources while aiming to reduce carbon emissions and promote green energy.

“Our shared goals are essential to address the global energy landscape's challenges and opportunities,” he stated, underlining Egypt's ongoing efforts to balance economic growth with sustainable energy development.

He elaborated on the country's plans to diversify its energy mix and enhance energy efficiency, emphasizing the significance of renewable sources alongside nuclear energy in the transition to a greener future.

The electricity minister also highlighted Egypt's recent launch of the national hydrogen strategy, positioning the country as a future leader in green hydrogen production, as well as the establishment of the National Hydrogen Council and new legislation for green hydrogen investment incentives reflecting the Egyptian government’s commitment to attracting foreign investments in this emerging sector.

Esmat also stressed the importance of cooperation within BRICS, particularly regarding hydrogen transport and technology development.

He outlined ongoing partnerships with BRICS countries, including Egypt and Russia’s cooperation on the El Dabaa nuclear power plant, and collaborations with China in various energy sectors, including green hydrogen.

There are also continuing partnerships with India on thermal power projects and hydrogen initiatives, he added, also highlighting that the unified electrical grid in Egypt is linked to its neighbors in Jordan, Sudan, Libya, and soon with Saudi Arabia.