Egypt’s Al-Mashat urges private sector financing for clean energy

Egypt’s Minister of Planning and Economic Development, Rania Al-Mashat, emphasised the need for enhanced private sector financing to support clean energy projects in emerging markets and developing countries.

Minister Al-Mashat made these remarks during the Sustainable Development Impact Meetings at the World Economic Forum, held alongside the United Nations General Assembly on Thursday.

Citing a 2023 report from the Network for Greening the Financial System, the minister highlighted that an estimated $80 to $100 billion annually in preferential financing would be required by 2030 to stimulate private investment in clean energy, excluding China.

She further noted that a joint report from the International Finance Corporation (IFC) and the International Energy Agency (IEA) underscores the heavy reliance on public entities for clean energy investments in most of these markets, emphasising the urgency for innovative financial solutions.

Attribution: The Egyptian Cabinet

Subediting: Y.Yasser