According to a recent cabinet conference, Egypt wants to install 30 gigawatts of additional renewable energy capacity to reduce fuel expenses by $4.1 billion yearly.
This program is a component of the nation’s broader plan to increase the amount of electricity generated from renewable resources and decrease its dependency on fossil fuels.
At the conference, which was chaired by Prime Minister Mostafa Madbouly, representatives examined current renewable energy initiatives. Key participants in the conversation included Hassan Al-Khatib, the minister of investment and foreign trade; Mahmoud Esmat, the minister of electricity and renewable energy; and Rania Al-Mashat, the minister of planning, economic development, and international cooperation.
Esmat provided an overview of the Integrated and Sustainable Energy Strategy’s projected and actual renewable energy capacities. Egypt wants to generate 42 percent more electricity from renewable sources by 2035 and 58 percent by 2040. He also talked on Egypt’s energy mix, including the importance of hydropower, storage, and renewable energy sources, as well as the capacity required for producing hydrogen.
Al-Mashat gave a status report on the concessional funding that development partners are providing to the renewable energy industry. She mentioned that the Nexus of Water, Food, and Energy initiative is funding eighteen ongoing projects, one of which is expanding the capacity of the electrical system.
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