Recent COP host Egypt cuts renewable energy target by a third
Cut to green power target effectively pushes back its ambitions in sector by over a decade
Recent COP climate summit host Egypt has cut the amount of electricity it plans to generate from renewables in 2040 by almost a third, pivoting back to a focus on natural gas.
Petroleum Minister Karim Badawi announced the news during the opening of the Mediterranean Energy Conference 2024 on Sunday.
Egypt hosted the COP27 climate summit in 2022 in Sharm El Sheikh, pledging at that time to raise renewable energy production to 42% of its energy mix by 2035. It later pushed that target forward to 2030.
In June last year, the government announced a target of renewables meeting 58% of Egypt’s energy mix by 2040.
But Badawi, who was appointed as petroleum minister in July, said the 2040 target has now been cut to 40%, less ambitious even than its previous 2030 target.
The International Energy Agency reports that, as of 2022, Egypt generated 80% of its power from natural gas. Little over 10% came from renewables, most of which was hydropower.
Egypt is now intent on encouraging upstream investments due to a shortfall in domestic gas supplies needed to meet local power demand, with another aim to increase government revenues.
Badawi has said his ministry wants Egypt to boost exports of petroleum commodities to $8.6bn annually.