Following a statement issued by the official cabinet, it detailed the agreement established in the Suez Canal Economic Zone for an estimated $40 billion investment in renewable energy over the next decade for Egypt.
New opportunities with renewable energies
An initial investment of approximately US$12 billion is earmarked as a pilot phase. This investment will lay the groundwork for a subsequent disbursement of US$29 billion for the first phase of the project.
Planning Minister Hala al-Said gave these figures during the official statement, stressing the magnitude of the planned investment and its potential impact on sustainable development. sustainable development development of Egypt. Offering new opportunities for the country and its energy security.
In addition, it is worth noting that Egypt has been actively involved in signing a number of memorandums of understanding and framework agreements focused on green hydrogen over the past two years. By 2030, the Egyptian government foresees sustainability of up to 40%, with projections to increase to 60% by 2040.
International competition for new energies
Egypt is striving to establish itself as a regional leader in the new energy market. Despite facing competition from other countries in North Africa and the Middle East, the North African nation is pursuing a clear vision towards sustainability and innovation in the energy sector.
Don’t miss any of our posts and follow us on social media!
Inspenet.com YouTube LinkedIn Facebook Instagram
Source: Reuters
Loading...
