Egypt, USA, Germany Unite for Green Energy Pledge

Dr. Rania Al-Mashat, Minister of International Cooperation, stated: "During the climate conference, the joint political declaration between Egypt, the United States, and Germany regarding support for the energy sector under the 'Nouwfi' program was issued.

 It outlined key points, including updating Egypt's nationally determined contributions (NDCs) and advancing the deadline for increasing the share of renewable energy to 42% by 2030 instead of 2035.

She emphasized that the political declaration included German commitments to implement new debt swap tranches for development directed towards the energy sector in the 'Nouwfi' program. A €54 mn tranche has already been signed as a result of updating Egypt's NDCs, out of a total commitment of €104 mn from the German side.

This funding aims to establish a project connecting two 500-megawatt wind farms to the electricity grid, achieving the Egyptian government's target of producing 42% of electricity from renewable energy sources by 2030.

Al-Mashat noted that Egypt has already fulfilled this commitment amidst global challenges and economic fluctuations due to surrounding circumstances. She announced the update of these contributions in June last year.

She added, "Before the COP27 climate conference, we started collaborative work on the preparation for the national platform for green projects, the 'Nouwfi' program, serving as a unified platform for climate and development efforts. Our partners, including Odile Renaud-Basso, President of the European Bank for Reconstruction and Development, contributed by committing to making it a globally recognized platform, becoming a model for partners in development and the international community. It will be a replicable model at the national level to implement its climate ambitions."

The Minister expressed gratitude to Mohamed Shaker, Minister of Electricity and Renewable Energy, and development partners for their year-long commitment and joint coordination regarding project implementation.

She emphasized that 'Nouwfi' program not only facilitates concessional development finance for the government but also provides financial opportunities for the private sector, development grants, and debt swaps.

 She confirmed that the program supports Egypt's transition to a green economy not only through renewable energy but also through green hydrogen.

 Therefore, the platform is capable of expanding its scope to achieve Egypt's goals of becoming a regional hub for renewable energy, highlighting that these measures reflect Egypt's strong commitment to the green transition and continuous efforts.