Egypt commits to 42% renewable energy share by ’30 – PM

At the 2024 UN Climate Change Conference (COP29), Egyptian Prime Minister Moustafa Madbouly emphasised Egypt’s commitment to achieving 42 per cent renewable energy share in its energy mix by 2030.

Speaking on behalf of President Abdel Fattah El Sisi, Madbouly introduced Egypt’s NWFE platform, prioritising projects in water, energy, and sustainable transport with support from development partners.

Madbouly further called on COP29 participants to reaffirm their commitments, particularly in providing financing for developing nations, pointing out that African nations are allocating up to 5 per cent of their GDP to address climate change, according to reports from the Economic Commission for Africa.

He highlighted the challenges faced by Egypt and other African nations in securing adequate funding, noting that access to finance is often restricted by conditions that require rapid measures, which do not consider the social and economic realities of these countries.

Madbouly also emphasised that, in the context of the conference’s discussions on the New Collective Quantified Goal on Climate Finance (NCQG) for climate finance, it is crucial that developed countries take on the primary responsibility for providing this funding.