Egypt aims to obtain 20% of its electricity from renewable sources by 2022: Minister of Planning & Economic Development

Modernizing Egypt's Vision 2030 takes into account environmental risks, climate change, and water scarcity: Says Hala El-Said

The Ministry of Planning and Economic Development, in cooperation with the Ministry of Environment and the Commercial International Bank (CIB), organized a side event entitled “Public-Private Partnerships to Improve Climate Finance in MENA”.
 The event was organized in the presence of H.E. Dr. Hala El-Said, Minister of Planning and Economic Development, as part of the activities of the Conference of the States Parties to the United Nations Convention on Climate Change (COP-26) held in Glasgow, United Kingdom.The event’s activities will continue until November 12.During her speech, Dr. Hala El-Said said that monitoring climate change has become a top priority worldwide. El-Said indicated that Egypt has taken proactive steps at the national level as well as in the multilateral framework towards mitigating and managing the risks of climate change at different levels, taking into account the potential impact on biodiversity, water, energy, food security, and public health.El-Said explained that Egypt is among the countries most vulnerable to climate change in Africa and the Middle East, as it faces multiple impacts from rising temperatures, rising sea levels, sudden changes in precipitation, and extreme weather events. El-Said indicated that Egypt has taken several steps at the level of governance, institutional structure, and policies, in addition to implementing many projects to achieve the three dimensions of sustainable development in an integrated manner.The Minister of Planning and Economic Development drew attention to the modernization of the sustainable development strategy; Egypt’s Vision 2030, taking into account environmental risks in the updated version including climate change, and other new factors and challenges such as regional and international changes, population growth and water scarcity.


El-Said said during her speech that the Egyptian National Program for Structural Reforms (NPSR) was approved, which aims to grow the size of the real economy, promote recovery and green growth and create decent job opportunities. El-Said pointed to the launch of the Environmental Sustainability Standards Manual in cooperation with the Ministries of Planning and the Environment to spread the culture of sustainability and enhance the presence of green projects in the state's investment plan, where the percentage of green projects included in the FY21/2022 plan reaches 30%.Concerning public-private partnerships; El-Said asserted that the Egyptian state has a strong belief in this partnership and the strengthening of efforts to achieve sustainable development.El-Said pointed out that such partnerships can enhance ambition in all areas, including mitigating and adapting to the effects of climate change, financing, and providing support, adding that this session aims to exchange experiences and explore the possibilities of partnership between the public and private sectors.Dr. Hala El-Said reviewed several examples of public-private partnerships established by Egypt to address climate change. El-Said indicated that Egypt adopted in 2015 the supplementary tariff for renewable energy, to achieve the goal set by Egypt's Vision 2030, to obtain 20% of electricity 2022 from renewable energy sources, and that percentage will rise to 42% by 2035. El-Said said that Egypt then established the Benban solar power plant in Aswan, which is the largest solar power plant in the world, with a capacity of 1.8 gigawatts, and at a total cost estimated at $4 billion. El-Said pointed out that this project is a clear example of the multidimensional partnership between the Egyptian government and international financial institutions, including the International Finance Corporation, the World Bank, and leading solar energy companies, which has led to the creation of decent jobs and the promotion of sustainable development.El-Said also referred to The Sovereign fund of Egypt (TSEF), which was set up to make better use of Egypt's untapped assets and seize investment opportunities to promote economic growth and green transformation.


 El-Said clarified that TSFE recently joined the "One Planet Sovereign Wealth Funds" initiative headed by French President Macron, which aims to enhance the state of the financial community's contribution to achieving the goals of the Paris Agreement.The fund also recently partnered with other multinational companies from the private sector, to jointly develop a 50-100 MW green hydrogen facility as feedstock for green ammonia production.Moreover, El-Said explained that Africa and the Middle East are in dire need of new partnerships between the public and private sectors, not only to address challenges and climate change but also to develop an integrated and comprehensive approach that ensures harmony between the global environmental agenda, whether in biodiversity, climate change or combating desertification. El-Said stressed the importance of working to achieve sustainable development goals and eradicate poverty, provided that this is done in a way that responds to the needs of various countries in the region to enable them to achieve sustainable development, inclusive growth, and creates decent job opportunities.At the end of her speech, El-Said indicated that this session is a unique opportunity to conduct a fruitful discussion, promote dialogue between relevant stakeholders and interested partners, and exchange experiences, best practices, and lessons learned.