‘Transition to renewable green energy asset to economy, investment’ Prime Minister Moustafa Madbouli recently attended the signing of two agreements for the Suez Canal Container Terminal to gradually switch to renewable energy. The move shows how much his government cares about expanding clean energy. “The State places great importance on expanding clean energy across various development projects,” the prime minister said after the signing. Egypt is pushing hard to increase its use of clean energy as a key part of its future development plans. By investing heavily in renewables, the country hopes to cut carbon emissions, strengthen its economy, attract more foreign investment, and become a regional centre for green industry. This is not just about upgrading infrastructure. It is a strategic step towards building a more sustainable and competitive economy. By combining renewable energy with industrial and port development, Egypt aims to draw better investments, lower production costs, reduce dependence on traditional fuels, and increase its exports. One of Egypt’s biggest renewable energy achievements is the Benban Solar Park in Aswan, one of the largest solar power plants in the world. It consists of 32 solar power stations built under the country’s feed-in tariff programme and now forms a major part of Egypt’s clean electricity production. The country has also developed many other large solar projects, including those at Abydos, Kom Ombo, Hurghada, Marsa Alam, Sharm El Sheikh, Farafra, and Cairo. “The transition to renewable green energy is no longer just an environmental choice,” leading economist Sahar al-Damaty told The Egyptian Gazette. “It has become an economic and investment necessity,” she added. She explained that rising global fuel prices and growing demand from international companies for clean energy are driving this shift. Egypt has set ambitious targets. It wants renewable sources to make up 42% of its electricity by 2030 and 60% by 2040. To reach these goals, the country is speeding up investments in solar, wind, and green hydrogen projects. “Providing clean power to industrial zones is very important for attracting global investors, especially European and Asian companies that now expect clean energy in their supply chains,” al-Damaty said. Egypt and the European Union are working together to boost renewable energy cooperation. They have put together a financing package of up to €690 million to upgrade Egypt’s electricity network. This includes a €600 million loan from the European Investment Bank and up to €90 million in grants from the European Commission. The project, led by the Egyptian Electricity Transmission Company, aims to connect 22 gigawatts of renewable energy to the national grid by 2030, enough to power around 10 million households. During a recent meeting with German business leaders, Industry Minister Khaled Hashem announced the Industry Solar Initiative. The plan is to install up to 1,000 megawatts of rooftop solar panels on factories and industrial facilities across the country over the next two years. The initiative will help manufacturers cut costs and meet international environmental standards. Hashem said his ministry’s new industrial strategy focuses on lowering emissions, improving energy efficiency, and using resources more wisely. “Expanding the renewable energy capacity brings major economic benefits on top of the environmental ones,” said Rashad Abdou, an economics professor at Helwan University. He explained that every megawatt produced from solar or wind reduces the need for fossil fuels and diesel. This helps lower fuel import bills, frees up more natural gas for export, and boosts Egypt’s foreign currency earnings. Abdou believes renewable energy is now a smart economic investment, especially since the cost of producing electricity from solar and wind has dropped significantly and become competitive with traditional sources. The post Egypt signals ambitious renewable energy drive appeared first on Egyptian Gazette.
