US, Germany to mobilize $250mln to Egypt for 10GW green energy

PHOTO

The United States and Germany announced commitments to mobilize $250 million worth of resources to Egypt to fund new wind and solar energy projects with a compound capacity of 10 gigawatts (GW), according to an email statement on November 11th.

The commitments also include decommissioning 5 GW of inefficient natural gas generation.

The pledged amount includes €85 million to be provided through grants, in addition to €100 million granted through debt swaps and €100 million in highly concessional loans.

The major project was announced in Political Statement by the United States, Germany, and Egypt on the latter’s the Nexus of Water Food and Energy (NWFE) Platform and Nationally Determined Contribution (NDC).

Egypt declared its commitment to improving its NDC by quadrupling its installed renewables capacity share to 42% by 2030.

Cairo also announced a long-term strategy to reach a zero-emission goal by 2050, by relying more on zero-emission vehicles, sustainable public transport, and other solutions for reducing greenhouse gas emissions from transport.

On November 9th, the Egyptian Minister of International Cooperation, Rania Al-Mashat, revealed that developed countries had pledged $100 billion in financing to support climate action in developing countries.