Egypt heading for clean energy transformation, building on its 2014 structural reforms: Al-Mashat

Egypt – Rania Al-Mashat, Minister of International Cooperation, said that since 2014, Egypt has launched plans and structural reforms to develop renewable energy, stimulate private sector investment and increase its contribution to production efforts solar and wind energy, which has helped the state a lot in the current period to build on what has been achieved since 2014 and strengthen efforts to transition to a green economy.

His remarks came during his participation in the round table organized by the International Renewable Energy Agency in cooperation with the European Union during the COP27 climate conference, Sharm El-Sheikh City and the participation of Franz Timmermans, Vice-President of the European Commission, Tini van der Streten, Minister of Energy of Belgium; Francesco La Camera, Director General of the International Renewable Energy Agency; Amiani Abuzid, African Union Commissioner for Infrastructure and Digitization; Kadri Simson, European Union Commissioner for Energy; and Odell Renault, President of the European Bank for Reconstruction and Development.

The Minister of International Cooperation said Egypt is making progress in the current period to increase climate action efforts and generate renewable energy. The government has also started a strategic collaboration with the Norwegian company Skatek to implement the first phase of the green hydrogen project in the Suez Canal economic zone to become an important center for the African continent, stressing that international partnerships and the role of international partners financial institutions are also present in this partnership through the International Finance Corporation

She pointed out that the state’s success in implementing structural reforms and establishing a regulatory framework has enabled it to increase renewable energy capacities, supply gas to traditional power plants and increase foreign exchange earnings, and stimulate the private sector through funding from international financial institutions such as the European Union Bank, IAEA and others.

Al-Mashat mentioned the energy pillar of the National Green Projects Platform “NWFE”, which includes clear plans to transform fossil fuel power plants into renewable energy, in light of the National Climate Change Strategy 2050 and Nationally Determined Contributions, which Egypt is updated by June. NWFE provides various financing mechanisms for green projects, whether through blended finance, debt swaps, development grants and private sector investments.

Egypt is progressing with many steps towards implementing climate commitments in line with the objectives of the Climate Conference and promoting environmentally friendly development efforts, explaining that the NWFE is based on key principles: a strong state commitment to green transformation, clarity in the formulation of projects and credibility, which have earned the relationship with development partners an important pivot.

Franz Timmermans, Vice-President of the European Commission, said that Egypt has a clear strategy to generate green hydrogen and develop renewable energy, explaining that renewable energy from its various sources will be the winning horse for the Africa in the coming period.

The expansion of green hydrogen production represents a sustainable energy saving solution and a strong opportunity for developing countries and continental African countries in particular to compete for energy markets. and generate huge returns.

For his part, Amani AbuZaid, Commissioner for Infrastructure and Digitalization of the African Union, said that Egypt is organizing an exceptional and very different version of the COP27 climate conference, praising Egypt’s efforts in Egypt. to host and organize the conference at the highest level.

© 2022 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).

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