Egypt Lowers 2040 Renewable Energy Target

Egypt reduced its renewable energy goal for 2040 from 58 percent to 40 percent, prioritising natural gas as a key energy source. Petroleum Minister Karim Badawi emphasised the need for collaboration and investment to boost natural gas production and exploration efforts.

October 22, 2024. By EI News Network

Egypt has revised its renewable energy target for 2040, reducing it from 58 percent to 40 percent, according to Petroleum Minister Karim Badawi. The adjustment reflects the country's focus on natural gas as a key part of its energy strategy in the coming years.

Before hosting the COP27 climate summit in 2022, Egypt had set a goal of achieving 42 percent renewable energy by 2035, later moving that target to 2030. In June 2024, former Electricity Minister Mohamed Shaker proposed a more ambitious target of 58 percent by 2040.

However, speaking at the Mediterranean Energy Conference 2024, Badawi emphasised the need for increased exploration and investment in Egypt's natural gas resources. He called for collective efforts to boost new discoveries and attract further investments through exploration bids.

"This is a call for all of us to collaborate to unlock more resources, particularly natural gas," said Badawi.

Since taking office in July, Badawi has met with several international energy companies, including Italy's Eni, which plans to begin drilling new wells in Egypt's largest gas field, Zohr, in early 2025. Zohr, which reached peak production of 3.2 billion cubic feet per day (bcf/d) in 2019, has seen output drop to 1.9 bcf/d in early 2024. This decline prompted Egypt to increase gas imports and liquefied natural gas shipments to prevent power shortages.

Meanwhile, Prime Minister Mostafa Madbouly in a recent meeting with Nasser Fawzy, Director of the National Center for Planning State Land Uses, discussed about key updates on land allocations for electricity and renewable energy projects. Fawzy highlighted that since 2022, over 40,000 sqkm have been designated for energy projects, including the construction of the Faris and Benban power stations and several solar and wind farms across Egypt.

The meeting also focused on ongoing projects, such as wind plants in the Gulf of Suez and a solar power plant in Nagaa Hammadi, Qena. Additionally, reclaimed lands from encroachment removals are being considered for national projects and the Decent Life initiative.

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Egypt National Center for Planning State Land Uses

Nasser Fawzy

Petroleum Minister Karim Badawi

Egypt 2040 Renewable Energy Target

Mediterranean Energy Conference 2024