COP29: Egyptian PM pleads for green energy funds
Egypt’s Prime Minister Mostafa Madbouly has warned the COP29 conference his country’s renewable energy targets will be at “serious risk” without international support, according to Reuters.
On November 12th, Madbouly spoke at COP29 restating Egypt’s pledge to reach a renewable energy generation of 42 percent of its total consumption by 2030.
However, he urged developed nations to fulfil their promises of green energy funding, without which developing country’s targets would remain “ink on paper”.
Madbouly said: “Without the necessary backing, critical infrastructure improvements remain out of reach, placing our target at serious risk.”
A report published by the Egyptian government in July said renewable sources only made up 11.5 percent of total energy generation.
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In recent years, the country has relied heavily on natural gas for its own fuel and for all important export trade.
During the COP27 conference, Egypt defended its use of the fossil fuel as “transitional”.
The power outages that blighted the nation in 2023, due to financial constraints and declining local gas extraction, prompted the government to diversify its energy generation, searching for foreign investment in renewables and considering alternative fossil fuels.
Egypt has given conflicting signals about its green energy targets, with Electricity Minister Mohamed Shaker’s announcement in July of 58 percent by 2040 contradicted by the government’s petroleum ministry plan of 40 percent by 2040, declared shortly afterwards.
In spite of this equivocal messaging, the Prime Minister decided to reaffirm Egypt’s ambitious target at the COP29 climate conference in Azerbaijan.
Reuters
