Egypt has advanced from 26th place in 2020 to the 20th among the world’s top 40 markets in the Renewable Energy Country Attractiveness Index for 2021, the cabinet’s information center announced.
“Egypt’s success in the field of transformation and the use of renewable sources of energy continue to take place,” the center noted on the sidelines of Egypt Energy exhibition and conference.
“Egypt advanced twice in a row during 2021, which affirms its target to transform into a sustainable and green economy,” it added.
Under Egypt’s 2030 Vision, the country plans to increase the supply of electricity generated from renewable sources to 20% by 2022 and up to 42% by 2035, which would enhance Egypt’s use of its potential as the largest country capable of generating electricity from solar and wind energies, the center explained.
The three-day Egypt Energy exhibition and conference kicked off on Monday in Cairo and reviewed the developments in Egypt’s energy market.
The sessions held tackled the importance of Hydrogen and expansion in its uses, especially green hydrogen, which depends on environmentally friendly sources.
Participants pointed to the energy transition measures and their importance in attaining sustainable development in accordance with Egypt’s Vision 2030 and enhancing the potential of cleaner energy use.
The New and Renewable Energy Authority has allocated eight billion pounds (about $510 million) in the 2021/22 fiscal year’s budget, which ends in June 2022.
The authority’s total financial budget during the fiscal year 2020/21 amounted approximately 7.5 billion pounds ($480 million), of which 66 percent were allocated for new investments, and the rest for existing projects.
