Egypt Aims for 42% Renewable Energy by 2030

During COP29 in Baku, Egyptian Prime Minister Mostafa Madbouly reaffirmed the country's commitment to achieving 42% renewable energy in its electricity generation mix by 2030, a target that is jeopardized without increased international support. Currently, only 11.5% of Egypt's electricity comes from renewable sources, with heavy reliance on natural gas as a transitional fuel. Madbouly emphasized the importance of international climate finance, warning that without it, Egypt's ambitious goals would remain unfulfilled. He highlighted the government's efforts to attract private investments through feed-in tariffs and subsidy reforms, but acknowledged that limited support hinders necessary infrastructure improvements. Additionally, Amr Abdel-Aziz, an advisor to Egypt’s Environment Minister, noted that securing financing is essential for energy transition amid political uncertainties, particularly concerning climate commitments from developed nations. The discussions at COP29 focused on addressing these financial needs and supporting developing countries in their climate initiatives.