International Cooperation Minister Rania el Mashat has said that Egypt has thanks to structural reforms adopted in 2014 been able to increase renewable energy potentials.
Speaking at a roundtable organized by the International Renewable Energy Agency (IRENA) on Tuesday 15/11/2022, Mashat said work is underway to enhance climate action and generate renewable energy.
She also talked about incentives for the private sector to further involve it in renewable energy projects.
The government has started strategic cooperation with Norway’s Scatec to implement phase one of a green hydrogen venture at the Suez Canal Economic Zone (SCZone), the minister said, noting that the plan is to turn Egypt into an important hub in Africa.
Mashat also touched upon the National Green Projects Platform, aka “NWFE” Program, which includes clear projects to turn energy plants operating on fossil fuel to run on renewable energy. This is done as part of a 2050 national climate change strategy, she added.
The “NWFE” Program provides various mechanisms to finance green projects, whether through blended finance, debt swap, development grants or private sector investments, the minister made it clear.
Egypt is acting to implement climate pledges in line with goals of the climate conference and in a way that would support environment-friendly development efforts, Mashat told the session.
Source: State Information Service Egypt