Egypt signs agreements for three green energy projects at COP28
One project in the SCZONE will produce green methanol to fuel ships, while another in Damietta will produce green ammonia, according to a statement by the Ministry of International Cooperation on Sunday.
The third project is a partnership with Scatec, AfDB, and BII to build a one-gigawatt solar energy plant using the Battery Energy Storage System (BESS), which - per the statement - will be the first of its kind in Egypt and the biggest in the region.
The agreements were signed on the sidelines of the 2023 United Nations Climate Change Conference (COP28) in Dubai.
During COP28, Egypt’s Minister of International Cooperation Rania Al-Mashat and Minister of Electricity and Renewable Energy Mahmoud Shaker signed a letter of intent to join the BESS alliance, which is one of the initiatives launched by the Global Energy Alliance for People and Planet (GEAPP).
The BESS alliance's 10 members - including Egypt - aim to store five gigawatts of renewable energy by 2024, as a part of a larger plan to produce 400 gigawatts of renewable energy by 2030.
Furthermore, on Sunday Al-Mashat signed a letter of intent for Egypt to join the Blue Mediterranean Partnership agreement, which offers financing opportunities for blue economy projects.
The partnership is a joint platform for countries and international financial institutions, within the framework of the Union for the Mediterranean (UfM) Working Group for the Blue Economy.
The initiative, which was announced during COP27 in Egypt last year, established a partnership for Mediterranean countries for the development of a sustainable blue economy in the region.
At the same conference in Sharm El-Sheikh, Egypt launched the Nexus of Water, Food, and Energy (NWFE) program, mobilizing investments worth $14.7 billion to implement nine projects in mitigation and adaptation to climate change in the water, food, and energy sectors.
Over the past year, the country has signed many MoUs with various international entities to attract foreign investment in green hydrogen. and to become a global hub for hydrogen production.