United States and Germany have committed to mobilize over $250 million in resources to support the deployment of 10 GW of new wind and solar energy projects while decommissioning 5GW of inefficient natural gas generation in Egypt.
In a political statement released by the US, Germany and Arab Republic of Egypt on Friday which outlined a plan for accelerating Egypt’s Energy Transition through Egypt’s Country Platform for Nexus of Food, Water, and Energy (NWFE).
It stated further that the project is coordinated by the European Bank for Reconstruction and Development, as Egypt committed to enhance its Nationally Determined Contribution by quadrupling its installed renewables capacity share to 42 percent by 2030.
According to the statement, the Egypt further committed to adopt an ambitious 2050 long-term strategy with a view to explore a net-zero greenhouse gas emissions target and kick-start the development of green hydrogen.
“Egypt will also plan to expand the use of zero-emission vehicles, sustainable public transport and other solutions for reducing green house gas emissions from transport. The three countries committed to cooperate on reducing methane emissions from Egypt’s oil and gas sector”, the statement added.
While noted that thess commitments would yield major climate benefits by reducing Egypt’s power sector emissions by about one fifth, cutting methane pollution, and enhancing energy security by freeing up over two billion cubic meters of gas.
Recalled the Egypt’s announced NDC enhancement comes among additional NDC enhancements from major emitters since COP26.