{"id":82645,"date":"2022-11-13T22:11:18","date_gmt":"2022-11-13T20:11:18","guid":{"rendered":"https:\/\/www.csregypt.com\/?p=82645"},"modified":"2022-11-13T22:11:18","modified_gmt":"2022-11-13T20:11:18","slug":"us-germany-pledge-over-250-m-in-support-for-egypts-nwfe-energy-pillar","status":"publish","type":"post","link":"https:\/\/csregypt.com\/en\/us-germany-pledge-over-250-m-in-support-for-egypts-nwfe-energy-pillar\/","title":{"rendered":"US, Germany pledge over $ 250 m in support for Egypt&#8217;s NWFE energy pillar"},"content":{"rendered":"<div dir=\"ltr\" style=\"text-align: left;\">The energy pillar of the\u00a0<a href=\"https:\/\/www.csregypt.com\/en\/egypt-team-up-with-intl-financial-institutions-development-partners-for-nwfe\/\">Nexus on Water, Food and Energy (NWFE)\u00a0<\/a>has\u00a0secured international political support from the US and Germany, which pledged more than $\u00a0250 million in support for the NWFE energy pillar.<\/div>\n<div dir=\"ltr\" style=\"text-align: left;\"><\/div>\n<div dir=\"ltr\" style=\"text-align: left;\">In the presence of US President Joe Biden and a consortium of international partners, including the\u00a0<a href=\"https:\/\/www.ebrd.com\/who-we-are\/structure-and-management\/shareholders\/european-union.html\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/www.ebrd.com\/who-we-are\/structure-and-management\/shareholders\/european-union.html&amp;source=gmail&amp;ust=1668455818788000&amp;usg=AOvVaw1t_Ydjo9uqC0kai-IJdejZ\">European Commission<\/a>,\u00a0<a href=\"https:\/\/www.ebrd.com\/who-we-are\/structure-and-management\/shareholders\/france.html\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/www.ebrd.com\/who-we-are\/structure-and-management\/shareholders\/france.html&amp;source=gmail&amp;ust=1668455818788000&amp;usg=AOvVaw1KAHGogl9dMldjgVINWHHR\">France<\/a>,\u00a0<a href=\"https:\/\/www.ebrd.com\/who-we-are\/structure-and-management\/shareholders\/neetherlands.html\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/www.ebrd.com\/who-we-are\/structure-and-management\/shareholders\/neetherlands.html&amp;source=gmail&amp;ust=1668455818788000&amp;usg=AOvVaw1_dwUqUkbBNPbHd8ove6DH\">the Netherlands<\/a>,\u00a0<a href=\"https:\/\/www.ebrd.com\/who-we-are\/structure-and-management\/shareholders\/denmark.html\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/www.ebrd.com\/who-we-are\/structure-and-management\/shareholders\/denmark.html&amp;source=gmail&amp;ust=1668455818788000&amp;usg=AOvVaw3d3j5TD4FOaNZF8RmOdeRh\">Denmark<\/a>\u00a0and the\u00a0<a href=\"https:\/\/www.ebrd.com\/who-we-are\/structure-and-management\/shareholders\/uk.html\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/www.ebrd.com\/who-we-are\/structure-and-management\/shareholders\/uk.html&amp;source=gmail&amp;ust=1668455818788000&amp;usg=AOvVaw0CY2iaE_xz3hNVICgfjt1N\">United Kingdom<\/a>, they issued a declaration of support for the energy pillar of Egypt\u2019s country-led platform for the NWFE.<\/div>\n<div dir=\"ltr\">\n<p style=\"text-align: left;\">Egypt confirmed its aim to accelerate its deployment of renewable energy, delivering clean, affordable and reliable power for its citizens by bringing forward its 42 percent renewable electricity target from 2035 to 2030.<\/p>\n<p style=\"text-align: left;\">\u201cI\u2019m pleased to announce today, alongside the European Union and Germany, a $ 500 million package to finance and facilitate Egypt\u2019s transition to clean energy,\u201d Biden told an audience at COP27.<\/p>\n<p style=\"text-align: left;\">Egypt has world-class renewable energy resources and is close to markets in Europe and Asia, giving it the potential to transform its own energy sector and become a global hub for green fuels and products.<\/p>\n<p style=\"text-align: left;\">&#8220;This deal shows again how a multi-partner approach and focused effort can quickly deliver higher ambition. We know Egypt wants to move faster to deploy renewables and accelerate the energy transition. But they need to know that donors and development partners are going to be there to help them through it.<\/p>\n<p style=\"text-align: left;\">Egypt has now agreed to quadruple their deployment rate and reflect that in a revised NDC. The United States, with the Germans anchoring it, made the commitment that we\u2019re going to help them with concessional financing to get the first 10 GWs done quickly and cost effectively.<\/p>\n<p style=\"text-align: left;\">&#8220;I think this partnership is one way to overcome the impediments to faster action. And I hope others follow. I know we stand ready,&#8221; US Special Presidential Envoy for Climate John Kerry said.<\/p>\n<p style=\"text-align: left;\">The NWFE-Energy Pillar is expected to unlock at least US$\u00a010 billion in private investment to install 10 GW of solar and wind energy by 2028. The initiative will also include the retirement of 5 GW of inefficient fossil-fuel capacity by 2025, leading to a substantial reduction in natural gas consumption and greenhouse gas emissions, estimated at around 17 million tonnes of CO2e per year.<\/p>\n<p style=\"text-align: left;\">In addition to mobilizing support from the United States and Germany, the initiative is planning to deploy more than $ 300 million in grant and concessional finance from the European Commission, France, the Netherlands, Denmark and the United Kingdom, as well as donors to the EBRD\u2019s High Impact Partnership on Climate Action (<a href=\"https:\/\/www.ebrd.com\/who-we-are\/structure-and-management\/shareholders\/austria.html+\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/www.ebrd.com\/who-we-are\/structure-and-management\/shareholders\/austria.html%2B&amp;source=gmail&amp;ust=1668455818788000&amp;usg=AOvVaw37V6G48j86n8RFt60hcoMO\">Austria<\/a>,\u00a0<a href=\"https:\/\/www.ebrd.com\/who-we-are\/structure-and-management\/shareholders\/finland.html\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/www.ebrd.com\/who-we-are\/structure-and-management\/shareholders\/finland.html&amp;source=gmail&amp;ust=1668455818788000&amp;usg=AOvVaw35ImwZUg58R9AMcFQUka7G\">Finland<\/a>, the Netherlands,\u00a0<a href=\"https:\/\/www.ebrd.com\/who-we-are\/structure-and-management\/shareholders\/spain.html\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/www.ebrd.com\/who-we-are\/structure-and-management\/shareholders\/spain.html&amp;source=gmail&amp;ust=1668455818788000&amp;usg=AOvVaw3rtXOnJGtlJMC0Rv5FJlgk\">Spain<\/a>,\u00a0<a href=\"https:\/\/www.ebrd.com\/who-we-are\/structure-and-management\/shareholders\/switzerland.html\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/www.ebrd.com\/who-we-are\/structure-and-management\/shareholders\/switzerland.html&amp;source=gmail&amp;ust=1668455818788000&amp;usg=AOvVaw1cdjWl-nptpOG77tGCw3A_\">Switzerlan<wbr \/>d<\/a>, the\u00a0<a href=\"https:\/\/www.ebrd.com\/who-we-are\/donors\/taipei-china.html\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/www.ebrd.com\/who-we-are\/donors\/taipei-china.html&amp;source=gmail&amp;ust=1668455818788000&amp;usg=AOvVaw0CrQTzLmL911YHCnFnbx8b\">Taiwan International Cooperation and Development Fund<\/a>\u00a0(ICDF) and the United Kingdom).<\/p>\n<p style=\"text-align: left;\">In addition to taking the lead role in supporting Egypt in implementing the NWFE energy pillar, the EBRD has committed $ 1 billion of private renewable finance, $ 300 million in sovereign finance and grants of $ 3 million from its Shareholder Special Fund.<\/p>\n<p style=\"text-align: left;\">Speaking on a high-level panel to mark the NWFE energy pillar,\u00a0<a href=\"https:\/\/www.ebrd.com\/who-we-are\/ebrd-president-odile-renaud-basso\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/www.ebrd.com\/who-we-are\/ebrd-president-odile-renaud-basso&amp;source=gmail&amp;ust=1668455818788000&amp;usg=AOvVaw3AxZNwM42H5xifVefHVmR-\">EBRD President Odile Renaud-Basso<\/a>\u00a0said \u201cWe are very proud to be Egypt\u2019s partner in this innovative country-led platform, which blends government commitment, international support and private finance to accelerate a just energy transition.&#8221;<\/p>\n<p style=\"text-align: left;\">\u201cWe believe this is a model of how climate finance can be scaled up in Egypt and elsewhere, and we look forward to working closely with the Egyptian government to support the delivery of these high ambitions.\u201d<\/p>\n<p style=\"text-align: left;\">Egyptian Minister of International Cooperation Rania Al-Mashat said \u201cEgypt\u2019s country platform for the NWFE- \u0646\u064f\u0648\u064e\u0641\u0650\u0651\u0640\u064a, (the Arabic translation of the phrase \u201cfulfilling pledges\u201d), was developed on the back of the announcement of 2050 Country Climate Strategy and the Nationally Determined Contributions (NDCs).<\/p>\n<p style=\"text-align: left;\">\u201cLeveraging Egypt\u2019s partnerships with multiple stakeholders, the country has been leading efforts to mobilise finance, avail of technical assistance and catalyse private investment through innovative financing modalities, including blended finance, for NWFE- \u0646\u064f\u0648\u064e\u0641\u0650\u0651\u0640\u064a projects.<\/p>\n<p style=\"text-align: left;\">\u201cThis provides opportunities for mobilizing climate finance and private investments to support Egypt\u2019s green transition, reflecting the interlinkages and complementarity between climate action and development efforts.<\/p>\n<p style=\"text-align: left;\">\u201cThis is realized through the design, structuring and preparation of concrete and implementable climate action projects.\u201d<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The energy pillar of the\u00a0Nexus on Water, Food and Energy (NWFE)\u00a0has\u00a0secured international political support from the US and Germany, which pledged more than $\u00a0250 million in support for the NWFE energy pillar. In the presence of US President Joe Biden and a consortium of international partners, including the\u00a0European Commission,\u00a0France,\u00a0the Netherlands,\u00a0Denmark\u00a0and the\u00a0United Kingdom, they issued a [&hellip;]<\/p>\n","protected":false},"author":410,"featured_media":82646,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6262,984,6030],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>US, Germany pledge over $ 250 m in support for Egypt&#039;s NWFE energy pillar - Csr Egypt<\/title>\n<meta name=\"description\" content=\"The energy pillar of the\u00a0NWFE\u00a0has\u00a0secured international political support from the US and Germany, which pledged more than $\u00a0250 million in support for the NWFE energy pillar.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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