Egypt strikes Cop28 deals to drive green energy goals

Rania Al-Mashat/X

Egypt has signed several major agreements at the Cop28 climate conference in Dubai, as part of its drive to achieve its green energy goals, a local daily reported. 

Minister of international cooperation Rania Al-Mashat oversaw the signing of agreements with the Norwegian company Scatec, the African Development Bank (AfDB), and the British International Investment (BII) to implement transformative projects.

The country’s Nexus of Water, Food and Energy programme has set a goal of achieve 42 percent of total electricity needs from renewable energy by 2030.

The first project targets the Suez Canal Economic Zone, where a facility will produce up to 200,000 tonnes of green methanol annually, Daily News Egypt newspaper said. 

The clean fuel will power ships, reduce emissions, and contribute to Egypt’s maritime sustainability objectives.

Another project will focus on green ammonia production in Damietta, expediting Cairo’s transition to a green economy.

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Egypt will also build a 1-gigawatt solar energy project utilising battery energy storage technology as part of its initiative to reduce carbon emissions.

Despite a significant increase in renewable energy usage to 8 percent in 2022, Al-Mashat stressed the need for greater action, echoing the International Renewable Energy Agency’s call to triple renewable energy capacity by 2030.

Given the growing global interest in energy storage, the minister pointed to its crucial role in balancing renewable energy fluctuations and ensuring consistent electricity supply.