Egypt's minister highlights partnerships, investment in renewable energy
He emphasized that there are numerous economic and investment opportunities within the sector, and the ministry is focused on creating an attractive investment environment by addressing obstacles faced by private sector development partners.
Speaking at the Akhbar El-Youm Economic Conference, Essmat highlighted several measures aimed at facilitating these goals.
These include legislative reforms, the enactment of the Electricity Law (designed to fully liberalize the electricity market), land allocation for renewable energy projects, efforts to localize technology, the expansion of the electrical equipment industry, and the establishment of new industries for renewable energy equipment—leveraging available raw materials, industrial resources, and skilled labor.
He underscored the significant role renewable energy plays in combating climate change, reducing carbon emissions, and ultimately achieving zero emissions while decreasing reliance on traditional fuels.
Essmat also mentioned that the electricity sector is implementing an urgent plan to reduce dependence on traditional energy sources and fossil fuels. This plan includes adding 22,815 MW of capacity from solar and wind energy by 2030 and, for the first time, incorporating energy storage batteries.
The minister explained that an integrated plan is underway to enhance the efficiency of the electrical grid, allowing it to absorb new renewable energy capacities with maximum efficiency and minimal loss. This involves a gradual transition from a traditional grid to a smart grid, utilizing the latest technologies as part of the recently adopted energy strategy. He noted that this strategy is a central element of Egypt's Vision 2030 and aligns with the 17 UN Sustainable Development Goals.
Essmat stated that the sector has made significant progress toward its goal of achieving 42% renewable energy in the energy mix by 2030, with a target of 65% by 2040. He attributed this success to the consistent support and ongoing oversight from President Abdel Fattah Al-Sisi.
He further asserted that the current global energy crisis validates Egypt's vision and strategy for diversifying energy sources. He expressed confidence in the Ministry of Electricity's ability to anticipate and address future energy trends.
Essmat outlined that Egypt's Vision 2030 aims to balance development and environmental preservation, increase reliance on renewable energy, and promote sustainable consumption and production patterns. He also highlighted ongoing efforts to strengthen electrical interconnection projects, which are crucial for enhancing energy security and increasing the use of renewable energy in the medium and long term. He acknowledged the importance of these projects in fostering cooperation, dialogue, and shared economic interests between nations.
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