Egypt to reach 40% renewables share later than planned

Egypt plans to raise the share of renewables in the power mix to 40% by 2040, Petroleum Minister Karim Badawi said during the Mediterranean Offshore Conference on Sunday and emphasised that natural gas will continue to be a key fuel source for years.

Badawi's statement marks a major setback. Until now, Egypt had aimed to achieve 42% renewable energy by 2030 and was even considering raising this target to around 60%.

To reach the 40% goal, the country will focus on solar, wind, and geothermal energy, alongside initiatives to reduce carbon emissions across various petroleum operations, the minister said during a session at the conference in Alexandria, Egypt.

Badawi noted that countries in the region should collaborate in boosting natural gas discoveries and attracting further investment through ongoing auctions for research and exploration. "We must also ensure the availability of advanced technology to accelerate these efforts, while supporting projects that contribute to decarbonisation, reducing emissions, and protecting the environment," the minister added.

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