Egypt could soon receive more support in building out its clean energy plans.
While visiting India in March, Egypt's Minister of Investment and Foreign Trade, Hassan El-Khatib, met with Ranjit Gupta, CEO of OCIOR Energy, according to an Egypt Oil & Gas report.
Egypt is aiming to grow its renewable energy sector in a way that supports long-term jobs and investment.
During the visit, El-Khatib and Gupta talked about expanding clean energy investments in Egypt. They also discussed a proposed green ammonia facility that is planned for the Suez Canal Economic Zone, which OCIOR has reached a Memorandum of Understanding with the Egyptian government to deliver.
That project, proposed in 2022, will require $4.2 billion of investments, with the goal of creating clean energy for use by the shipping industry.
El-Khatib said Egypt is a strong fit for green hydrogen and renewable investments, thanks to its location and infrastructure. He added that the Egyptian government is committed to making it easier for companies to build clean energy projects by improving policies and offering investment support.
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A partnership could ultimately lead to more local jobs, more reliable energy, and long-term economic growth.
Even though some sustainability funds have lost momentum in recent years due to shifting political and social pressures, the clean energy sector overall is still growing. This marks a significant shift, with clean energy investments accelerating since 2020 and now surpassing total spending on oil, gas, and coal, per the International Energy Agency.
Other countries are also investing in a greener future, as the United Arab Emirates launched a $30 billion fund for climate projects in emerging markets, and Japanese energy company ENEOS announced a $3 billion investment in alternative fuels like hydrogen and synthetic energy sources.
"This puts us on the right track to reach carbon neutrality, contributing to attracting more investments to this promising sector," said Egypt's Prime Minister Mostafa Madbouly about the forthcoming green hydrogen and ammonia facility, per Daily News Egypt.
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With more countries looking for ways to shift their energy systems, Egypt's green energy ambitions are representative of positive change.
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