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Mashat urges upping annual investments in clean energy in developing countries, emerging markets to $1 trln
Minister of Planning and International Cooperation Rania Mashat called for an increase in annual investments in clean energy in developing countries and emerging markets to $1 trillion—seven times the current investments—in order to achieve low-emission and climate-resilient development by 2050, according to the Ministry’s news center.
Mashat stressed that Egypt has an exceptional opportunity to contribute to the global energy transition, noting Egypt’s ambitious renewable energy journey, with specific targets to reach 42% of its electricity generation from renewable sources by 2030.
Mashat also highlighted recent investments that reinforce Egypt’s commitment to this path. Moreover, Egypt’s efforts contribute to regional cooperation, particularly in Africa and the Arab world, aiming to strengthen cross-border cooperation and maximize the social and economic benefits of green energy for communities and industries alike.
Mashat emphasized that Egypt’s efforts in this field will not succeed without the effective participation of all stakeholders, fostering partnerships between the public and private sectors, and encouraging multilateral cooperation. These partnerships have been instrumental in attracting significant private-sector investments in green hydrogen and renewable energy.
She made the remarks during her participation in sessions of the 29th United Nations Climate Change Conference (COP29) on the financing gap for climate change adaptation and mobilizing funding for the implementation of the Paris Climate Agreement.
Mashat also took part in a panel discussion organized by the European Bank for Reconstruction and Development (EBRD), the Organization for Economic Co-operation and Development (OECD), and Azerbaijan’s Ministry of Ecology and Natural Resources. The discussion focused on mobilizing climate finance for the implementation of the Paris Agreement by fostering cooperation between governments, multilateral development banks, and the private sector.
Mashat reviewed Egypt’s efforts over the past years, especially since hosting COP27, to enhance climate action and build constructive partnerships between development partners, international organizations, the private sector, government, and development banks.
She highlighted Egypt’s efforts to increase investments in climate action, including the launch of national platforms to attract private climate investments, and the introduction of the Sharm El-Sheikh Guidebook for Just Financing, which is Egypt’s contribution to the global efforts to increase developing countries’ access to climate finance.
Mashat added that Egypt’s low-carbon hydrogen strategy, supported by international partnerships like the EBRD, embodies this future approach through building a low-carbon hydrogen economy in Egypt and the region. By 2050, Egypt’s renewable energy production is expected to meet 10% of global hydrogen demand, creating more than 100,000 jobs, many of which will require high skills, and contributing significantly to the global transition to clean energy.
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