Egypt to leverage supports to increase renewable energy adoption

In keeping with Egypt's economic development vision for 2035, the country intends to take on further renewable energy projects, creating several opportunities for investors in the renewable energy industry. The country's economic development vision for 2035 emphasizes the need for renewable energy. As a result, it incorporates pertinent targets, such as the country's intention to grow renewable energy generation to 20% and 42% of total electricity generation by 2022 and 2035, respectively. The Vision also emphasizes the private sector as a critical accelerator for accomplishing these goals.

Further, Egypt reaffirms its commitment to assisting other African countries in gaining access to clean and renewable energy sources. Minister of Electricity and Renewable Energy Mohamed Shaker stated that his ministry is cooperating with international corporations to facilitate the execution of pilot projects for green hydrogen in Egypt.

The International Renewable Energy Agency (IRENA) is expected to support Egypt's production of green hydrogen in the future and strengthen ties with Egypt in advance of the upcoming United Nations Climate Change Conference (COP27) in Egypt's Red Sea resort city of Sharm el-sheik in November.

Highlights of Egypt

GDP: 363.1 billion as at 2020

Population: 105 million as at 2021

Access to electricity: 100% as at 2019

Total renewable capacity: 5,971 MW as at 2020