Egypt’s ambitious goal of generating 42% of its electricity from renewable sources by 2030 is facing significant challenges, Prime Minister Mostafa Madbouly warned at the COP29 climate conference on Tuesday.
Currently, solar, wind, and hydropower only contribute 11.5% to the country’s energy mix.
Despite recent efforts to diversify its energy sources, Egypt has heavily relied on natural gas, which it promoted as a “transitional fuel” during the COP27 summit in 2022.
However, a decline in natural gas production last year led to widespread power outages, forcing the government to seek foreign investment in renewable energy projects while simultaneously increasing fossil fuel exploration.
While Egypt has set ambitious targets for renewable energy, the country’s ability to achieve them hinges heavily on international support.
Madbouly emphasized the need for financial assistance to develop critical infrastructure and meet its climate commitments.
He urged developed nations to honor their climate finance pledges, warning that without sufficient funding, Egypt’s renewable energy goals may remain unfulfilled.