{"id":82558,"date":"2022-11-11T23:58:53","date_gmt":"2022-11-11T21:58:53","guid":{"rendered":"https:\/\/www.csregypt.com\/?p=82558"},"modified":"2022-11-11T23:58:53","modified_gmt":"2022-11-11T21:58:53","slug":"500-m-intl-package-to-finance-egypts-transition-to-clean-energy","status":"publish","type":"post","link":"https:\/\/csregypt.com\/en\/500-m-intl-package-to-finance-egypts-transition-to-clean-energy\/","title":{"rendered":"$500 m int\u2019l package to finance Egypt\u2019s transition to clean energy"},"content":{"rendered":"<p dir=\"ltr\" style=\"text-align: left;\">US President Joe Biden announced today, alongside the European Union and Germany, a $500 million package to finance and facilitate Egypt\u2019s transition to <a href=\"https:\/\/www.csregypt.com\/en\/sisi-egypt-to-be-able-to-export-green-hydrogen-clean-energy-to-europe\/\">clean energy<\/a>.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">This package will enable Egypt to deploy 10 gigawatts of renewable energy by 2030, while bringing offline 5 gigawatts of inefficient gas-powered facilities, reducing emissions in Egypt and power sector by 10 percent.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">He made the remarks at the 27<sup>th<\/sup> United Nations Climate Change Conference <a href=\"https:\/\/cop27.eg\/#\/\">COP27<\/a>, currently held in Egypt\u2019s Red Sea resort city of Sharm el Sheikh.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">\u201cWe also \u2014 we\u2019ll also work with Egypt to capture nearly\u00a04 billion cubic meters of natural gas, which Egypt currently flares, vents, or leaks from its oil and gas operations,\u201d Biden said.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">\u201cAnd because of this cooperation, Egypt is elevating its climate ambition and submitting an enhanced national determined contribution,\u201d he added.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">\u201cIf we\u2019re going to win this fight, every major emitter nation needs align with the 1.5 degrees.\u00a0 We can no longer plead ignorance to the consequences of our actions or continue to repeat our mistakes.\u00a0 Everyone has to keep accelerating our efforts throughout this decisive decade,\u201d he said.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">\u201cMy friends, I came to the presidency determined to be tran- \u2014 make the transforforma- \u2014 transformational changes that are needed \u2014 that America needs to make and we have to do for the rest of the world to overcome decades of opposition and obstacles of progress on this issue alone; to reestablish the United States as a trustworthy, committed, global leader on climate,\u201d he said.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">\u201cAs I stand here before you, we\u2019ve taken enormous strides to achieve that,\u201d Biden said.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">\u201cBut I don\u2019t stand here alone.\u00a0 This progress is being driven by young people all across America.\u00a0 Like young people around the world, they feel the urgency of climate, and they feel it deeply.\u00a0 They\u2019re committed to these issues.\u00a0 They know the stakes, and that\u2019s their world we\u2019re creating,\u201d he said.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">\u201cThis is not to stand by and allow us to fail in their \u2014 in this responsibility.\u00a0 We can\u2019t.\u00a0 That\u2019s why, as I look out, of all the things that I\u2019ve \u2014 we\u2019ve accomplished, with so much more to do, I\u2019m optimistic,\u201d he added.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">\u201cFor all the work that remains to be done, we have to put down significant markers of progress.\u00a0 The United States has taken enduring steps to meet our goals.\u00a0 We\u2019re delivering on our promise of leadership, and more and more of the world is standing with us,\u201d he said.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">\u201cThough determined diplomacy is necessary, we\u2019re finding consensus, building and understanding and launching new approaches.\u00a0 And the inspiring passion of young people, civil society, climate activists, Indigenous communities is literally galvanizing the world,\u201d he said.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">\u201cYes, the challenges we face are great, but our capacity is greater than the challenges.\u00a0 We must never doubt that,\u201d he said.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">\u201cSo let\u2019s reach out and take the future in our hands and make the world we wish to see and that we know we need \u2014 a planet preserved for generations to come; an economy powered by clean, diversified, secure energy sources; opportunities unlocked through innovation and cooperation that deliver equitable, more prosperous, and more stable, and more just world for our children,\u201d he added.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">\u201cThat\u2019s why we\u2019re here.\u00a0 That is what we\u2019re working toward.\u00a0 And we can do it together.\u00a0 I am confident,\u201d he concluded.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">\n","protected":false},"excerpt":{"rendered":"<p>US President Joe Biden announced today, alongside the European Union and Germany, a $500 million package to finance and facilitate Egypt\u2019s transition to clean energy. This package will enable Egypt to deploy 10 gigawatts of renewable energy by 2030, while bringing offline 5 gigawatts of inefficient gas-powered facilities, reducing emissions in Egypt and power sector [&hellip;]<\/p>\n","protected":false},"author":410,"featured_media":82559,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6038,6262,984],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>$500 m int\u2019l package to finance Egypt\u2019s transition to clean energy - Csr Egypt<\/title>\n<meta name=\"description\" content=\"US President Joe Biden announced today, alongside the European Union and Germany, a $500 million package to finance and facilitate Egypt\u2019s transition to clean energy.\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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