Egypt's Minister of Electricity and Renewable Energy, Mohamed Shaker, has said that the country is shifting its energy sector from gas to renewable sources, such as wind and solar, to take advantage of its strategic location for accessing global markets and exporting green products. He said that the energy axis of the "NWFE" programme, in collaboration with development partners, aims to reduce greenhouse gas emissions by 17 million tonnes of carbon dioxide annually. He added that the electricity sector has made significant progress in attracting renewable energy investments as part of a plan to involve the private sector in increasing renewable energy capacity by about 10 gigawatts. He mentioned that the state has started implementing projects with capacities of 3.7 gigawatts of wind and solar energy, and signed all the agreements related to these projects with private sector companies (such as Aqwa Power, Masdar, El Noyes, Orascom, and others). He also said that the necessary financing has been secured by development partners within the energy axis to implement these projects, and financial closure agreements have been signed. He also noted that, with the support of the European Bank, green supply chains will be enhanced to stimulate foreign direct investment with local participation, which will foster growth and create employment opportunities. He pointed out that the NWFE programme's energy axis includes shutting down 5-gigawatt thermal power stations, and by the first quarter of 2024, 1-gigawatt power stations will be shut down. Shaker praised the state's success in updating the nationally determined contributions (NDCs) in June 2023, to advance the timeline to increase renewable energy to 42% by 2030 instead of 2035, as an achievement that aligns with the political declaration issued at the climate conference COP27. On another note, the Minister of Electricity pointed out that the national strategy for green hydrogen will leverage Egypt's competitive capabilities to achieve its ambitious plans in the hydrogen sector, targeting up to 5-8% of the global market share by 2040.
