Al-Mashat leads high-level meeting on NWFE Program, pledges 10GW renewable energy implementation

The meeting involves esteemed global figures and representatives from the European Bank for Reconstruction and Development (EBRD) and the German Federal Ministry for Economic Cooperation and Development. They discussed financing solutions for the energy sector of the NWFE program, aiming to initiate 10GW renewable energy projects and switch off 10 thermal power plants. The ultimate objective is to fulfill Egypt's pledge of achieving 42 percent renewable energy by 2030, five years ahead of the original 2035 target. The initiative is expected to require investment of around $10 billion, with an annual fuel expenditure of about $1.2 billion for the operation of thermal power plants. The NWFE program is praised for its innovative multi-facet approach and its potential to inspire other countries wishing to achieve similar climate goals. Also discussed was the transition from traditional to renewable energy sources and strategies to curb carbon emissions by a significant 17 million tons of carbon dioxide annually. The meeting highlighted the key role of the National Green Hydrogen Strategy in tapping into the potential of the hydrogen sector, with plans of securing a considerable 5-8 percent global market share by 2040. This gathering signals a significant step toward sustainable energy and a greener future for Egypt.