Egypt secures $10bn green funds during COP27

Egypt’s Minister of International Cooperation Rania al-Mashat revealed a $10.3 billion in financing packages for government sectors were offered for green transformation under the Nexus on Water, Food and Energy (NWFE) programme.

Al-Mashat’s announcement came on Monday during a meeting with the President Abdel Fattah al-Sisi and the Prime Minister Moustafa Madbouly, reviewing the results of the UN Climate Summit COP27 in mobilising development funds.

The financing aim to implement a number of diverse national projects in water, food, energy, and transport sectors, the meeting highlighted.

In regard of water and food axes, the new funds will lead to the expansion of irrigation projects using clean energy to reduce harmful emissions and promote sustainable agricultural activities, Al-Mashat stated.

As for the energy axis, the funds seek to implement wind power plants, clean energy and green hydrogen, in addition to saving emissions and reducing dependence on traditional fuel from the stations.

Meanwhile, al-Sisi has directed to form specialized technical work teams in each concerned ministry to provide a quick path for the completion of all procedures and approvals related to these projects.

Egypt Seeks To Be A Regional Hub For Clean Energy Production: French Report

Afrik 24 reads that Egypt is going to turn into a regional hub for clean energy through green hydrogen production,

According to the website, Egypt plans to attract investments for solar and wind power production during the 27th United Nations Climate Change Conference (COP2Egypt’s plan is to demonstrate its commitment to the development of renewable energy.

The event will be powered by a 5 MWp solar photovoltaic plant. The park, whose construction is almost complete, has been entrusted by the Egyptian government to Gila-AlTawakol Electric. The Cairo-based company is implementing the project in partnership with its compatriot Intro Sustainable Resources (ISR) and GTCI, which is handling the engineering, procurement and construction (EPC) contract.

Ambitious its policy is already bearing fruit. Egypt already has an installed renewable capacity of 6,226 MW in 2021. This represents an increase of about 4.4% compared to 2020. The development of the green hydrogen industry is expected to further boost this installed capacity.

And this growth is expected to continue over the next few years as Egypt aims to become the regional hub for clean energy production with the development of the green hydrogen industry. Currently, the North African country is attracting large multinationals that plan to invest heavily in wind and solar power generation to power their electrolysis plants in the Suez Canal Economic Zone.