Fouad: Egypt Keen on Encouraging Private Sector Contribution to Renewable Energy ProductionSource: www.export-egypt.com 12/12/2023, Location: Africa |
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Environment Minister Yasmine Fouad said Egypt is keen on encouraging the private sector to engage in expanding renewable energy production through offering many incentives in this domain.
She made the remarks while reviewing alongside her Canadian counterpart Steven Guilbeault the success of their joint leadership in consultations from UN Biodiversity Conference (COP15) until the 28th United Nations Climate Change Conference (COP28). The consultations tackled the most important environmental challenges by the end of 2022 and means of promoting implementation mechanisms and climate financing at COP28. She underlined that developing countries, including Egypt, support proceeding with the just transition from fossil fuel. She noted that Egypt updated its national contribution plan to meet an ambition of boosting renewable energy share in electricity generation mix to 42 per cent by 2030 instead of 2035. Egypt – like other countries – seeks to promote adaptation under its national plan, referring to food, water and energy projects. About $15 billion was mobilised from multilateral banks for the coming three years to implement water and food projects. |
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