Prime Minister Mostafa Madbouly has participated in the high-level segment of the 29th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29) in Baku, Azerbaijan, on behalf of President Abdel Fattah Al-Sisi. During his participation, Madbouly attended a roundtable entitled "Energy: Enhancing Climate Change Mitigation Measures," where he intervened in this session in the presence of the Prime Ministers of Belgium and Slovakia, the Managing Director of the International Monetary Fund, and the US Climate Envoy.
Madbouly said that Egypt has done its utmost to provide the appropriate environment to implement our ambitious renewable energy goal, which is to reach 42% of the renewable energy mix by 2030.
He continued: "We started by issuing a distinctive feed-in tariff for electricity, through which we were able to attract a lot of private investments. We also implemented a huge program to reform subsidies in order to increase the competitiveness of renewable energy." Then, we transitioned to a bidding system for various projects to further encourage private investments in renewable energy.
He added: However, our limited support has prevented us from making network improvements and other needs. Therefore, achieving our current target for nationally determined contributions is at risk.
Regarding his expectations from COP29 and how its outcomes can help developing countries implement the mitigation elements of the global stocktake process and nationally determined contributions, Madbouly said: We believe that without the required support for developing countries to implement nationally determined contributions, these goals will remain on paper and not be achieved.
He continued: We face enormous difficulties in achieving our current conditional, nationally determined contribution, as we have not received the required support to implement it. He added: Increasing ambition in considering the new climate change mitigation elements of the first global climate stocktake process while taking into account our national circumstances, paths, and approaches depends on achieving the current nationally determined contributions.
On the sidelines of COP29, Madbouly met with several heads of state, governments, and international institutions, including Mohammed bin Zayed Al Nahyan, President of the United Arab Emirates; Sabah Khaled Al-Hamad Al-Mubarak Al-Sabah, Crown Prince of Kuwait; Recep Tayyip Erdogan, President of the Republic of Turkey; Shehbaz Sharif, Prime Minister of Pakistan; Abdel Fattah Al-Burhan, Chairman of the Sudanese Sovereignty Council; and Kristalina Georgieva, Managing Director of the International Monetary Fund.
Mohamed Al-Homsany, the official spokesperson for the Cabinet, said that these meetings witnessed discussions on ways of cooperation in several files, including files related to combating climate change and the green transformation, and the depth of political and economic relations between Egypt and the countries participating in the summit was emphasized.
The meetings discussed the significance of the United Nations Framework Convention on Climate Change Summit as a crucial chance to strengthen cooperation mechanisms among various nations, with the aim of achieving sustainability and identifying the responsibilities of the conflicting parties in addressing climate change issues.
