Mashat: 34 Egyptian projects contributing to SDG7 absorb 23% of development financing

06 / 10 / 2024

• news
• The New Republic

Minister of Planning, Economic Development, and International Cooperation Rania Mashat said Egypt has adopted a comprehensive approach that combines green initiatives with sustainable growth. This commitment is reflected in a portfolio of 34 projects under the ministry which directly contribute to SDG 7: Affordable and Clean Energy. These projects represent over 23% of total development financing, making the energy sector the largest recipient of funding.Mashat touched on the launch of the Integrated National Sustainable Energy Strategy for 2035, which aims to meet the growing energy needs of Egypt’s expanding population. By 2030, Egypt aims to generate 42% of its total electricity from renewable sources.

In this context, Mashat also mentioned Egypt’s launch of the National Climate Change Strategy 2050, which is a comprehensive roadmap to address the country’s most pressing climate challenges. This strategy includes 26 priority projects across key sectors such as energy, food, and water, all of which are essential for building resilience to climate change. Through this strategy, Egypt aims not only to mitigate the effects of climate change but also to achieve a fair and just transition to a green economy—an economy that leaves no one behind.  Mashat made the remarks during her participation in the 4th Climate and Energy Forum of the Union for the Mediterranean. The forum serves as a platform bringing together thought leaders, experts, and decision-makers to explore and discuss ways to achieve a shared vision for a greener and more sustainable future for the Mediterranean region.

She explained that these reports not only document environmental changes but also warn of threats to the region’s stability, security, and prosperity. 

Mashat emphasized that climate change is no longer just an environmental challenge, but has become a security and economic issue requiring a comprehensive and integrated response from all parties.

Mashat added that these challenges present a significant opportunity to reshape economic and environmental policies and to strengthen regional cooperation.

Promoting green initiatives and entrepreneurship in renewable energy and climate innovation could be the optimal solution to confront these challenges. Investment in these areas not only protects the environment but also represents an opportunity to boost economic growth and create new jobs for future generations, she said.Mashat further emphasized that “the forum is taking place at a crucial time, as we are building on the outcomes of the 28th Conference of the Parties (COP28), which set the foundation for ambitious efforts aimed at decarbonizing the global economy. She mentioned that Egypt is committed to playing a pivotal role in this transition, fully recognizing that moving towards clean energy is not just a choice but an urgent necessity imposed by current climate and economic conditions. Egypt aims to accelerate decarbonization, enhance energy efficiency, and support renewable energy solutions, while considering the social and economic dimensions of this transition.”

Mashat highlighted that climate financing is a key pillar for advancing these efforts, as a fair and orderly energy transition cannot be achieved without securing the necessary financial resources for these large-scale projects. Climate finance plays a crucial role in ensuring that every country can meet its environmental commitments and achieve its Sustainable Development Goals (SDGs).