CAIRO - 12 November 2024: At the United Nations Framework Convention on Climate Change’s 29th Conference of the Parties (COP29), Egypt’s Prime Minister, Mostafa Madbouly, outlined the country’s ambitious climate goals and called for enhanced international support to achieve its energy transition. Representing Egyptian President Abdel Fattah al-Sisi, Madbouly participated in a roundtable on energy and climate change mitigation, emphasizing Egypt’s target of 42% renewable energy in its energy mix by 2030.
Madbouly detailed Egypt’s efforts to create a favorable environment for renewable energy investment, including a preferential feed-in tariff that attracted private investors, and a subsidy reform program that has enhanced the competitiveness of clean energy. Moving forward, Egypt has adopted a bidding system for renewable energy projects to continue private-sector involvement.
However, the Prime Minister warned that insufficient international financial and technical support is hindering Egypt’s ability to upgrade its energy infrastructure and meet its climate targets. He stressed that without increased backing, Egypt’s Nationally Determined Contributions (NDCs) could be at risk.
Madbouly also underscored the significance of COP29 in helping developing countries close the gap between their climate needs and the global support mobilized for them, urging a stronger commitment to a New Quantitative Collective Goal (NCGQ) to ensure the success of climate efforts globally. He called the first Global Stocktake a critical opportunity to boost ambition and align international efforts with the realities of developing nations.
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