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Egypt to announce new energy strategy in coming weeks

Decarbonisation, natural gas and hydrogen will be key elements of transition plan to reach 42 per cent renewable energy by 2030.
15.03.23 | Source: The National News

Egypt will set out its national low-carbon energy strategy in the coming weeks to adapt to technology advances and global geopolitical circumstances, said Tarek El Molla, the country's petroleum and mineral resources minister.


“Time evolves and technology advances and with the challenges that happened over the last few years, especially after the Russia-Ukraine war … we have started to update our energy strategy”, he said, at a British-Egyptian Business Association event in his honour on Monday evening in Cairo.


The ministry last presented its Integrated Sustainable Energy Strategy 2035 with the ministry of electricity and renewable energy in 2016.


At the UN climate conference Cop27 in November, host country Egypt brought forward its goal of sourcing 42 per cent of its energy from renewable sources by 2035 to 2030. Its current renewable energy component is about 20 per cent.


However, as the country suffers from the economic fallout of the Russia-Ukraine war, it is also looking for ways to solve its foreign currency crunch and maximise its natural gas exports.


Egypt has increased natural gas exports to Europe during its energy crisis, as supplies from Russia were cut by more than 80 per cent last year and prices surged.


Mr El Molla said at the Egypt Petroleum Show in Cairo last month that the state is planning to offer three international gas and oil tenders this year and has an “ambitious plan” to drill more than 300 exploration wells by 2025.

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