Green investing makes up 40% of Egypt total public investments in FY2022/23

Green investments in Egypt in the current financial year 2022/2023 makes 40 percent of the country’s total public investments with a value of 410 billion Egyptian pounds ($16.7 billion), the Cabinet said on Monday.

Out of these green investments, around 259 billion pounds have gone to clean transportation, 38 billion pounds to sustainable sanitation service, and 25 billion pounds to clean energy, a report by the Cabinet’s media centre showed.

The Egyptian government has also allocated 22 billion pounds for clean drinking water, 18.5 billion pounds for improving the environment, 14 billion pounds for sustainable irrigation, and 11 billion pounds for agriculture, the report added.

In September, Egyptian President Abdel Fattah al-Sisi said the country seeks to increase the percentage of green investments to 50 percent of total public investments by the 2023/2024 financial year.

Over the past year, Egypt signed 16 memoranda of understanding (MoUs) on green ammonia and green hydrogen production in the Suez Canal Economic Zone (SCZone) with international partners, nine of which were turned into contracts.

Egypt has also unveiled its low-carbon hydrogen strategy during the 27th UN climate conference (COP27) that took place in Sharm El-Sheikh and announced partnerships with international partners, including the EU, on green hydrogen projects.

The North African country aims to become an international hub for producing and exporting green hydrogen and to generate 42 percent of its electric power using renewable sources by 2035.