Egypt: Billions in Private Sector Investment in Renewable Energy

Private sector investment in renewable energy projects in Egypt has reached $4.4 billion. This was announced by Egyptian Planning Minister Hala el-Said, who said that “the projects include solar, wind, and hydroelectricity.” El-Said stated she expects that to reduce harmful CO₂ emissions from aging and inefficient coal power plants, “offshore wind projects will drive investment in renewable energy in the coming years.”

According to experts from the International Energy Agency (IEA), “Egypt’s renewable energy capacity will increase by at least 65% by 2027, the year when Egypt will be able to supply more than 25% of the world’s total renewable energy capacity to the Middle East and North Africa.”

In addition to the development of solar and wind energy, Egypt is placing great emphasis on the production of low-carbon green hydrogen. Estimates, released by Egyptian Petroleum Minister Tarek El-Molla during a roundtable on hydrogen and the future of energy resources in the Egyptian Pavilion at the annual United Nations Climate Change Conference in Dubai UNFCCC COP 28, put “this sustainable energy source at $18 billion from this North African country’s GDP by 2040.” According to El-Molla, low-carbon hydrogen will also help create nearly 100,000 new jobs over 15 to 16 years. “Egypt will try to control 8% of the global green hydrogen market by 2040,” the Egyptian minister concluded.