The pace of renewable energy development in Egypt has accelerated

"Egypt will strive to become a global hub for the renewable energy industry." Egypt has signed renewable energy power generation projects with a total installed capacity of more than 12 million kilowatts, said Mahmoud Hayat, chairman of Egypt's New Energy and Renewable Energy Authority. In the future, Egypt will rely on the resource advantages of high solar and wind speed to implement large-scale renewable energy power generation projects.

In fact, after the 27th United Nations Climate Conference (COP27), Egypt's renewable energy industry has been developing faster and faster. It not only signed renewable energy cooperation agreements with a total investment of more than $80 billion, held the bidding of renewable energy power generation projects, but also set its sights on the green hydrogen market. A goal was set for Egypt to provide 5% of the world's green hydrogen supply by 2040.

The transformation goal is gradually clear

Egypt has huge potential to develop renewable energy sources, notes Serbansay, a power analyst at GlobalData, an industry data analysis and consulting firm. The Suez region has high solar radiation levels and wind speeds of up to 9~10 m/s, making it an advantageous area for the development of scenic power generation projects. The east and west banks of the Nile are also home to some of the world's largest sources of wind power. This provides a guarantee for Egypt's energy transition.

In recent years, the Egyptian government has set new goals for the development of renewable energy and increased policy support for related industries. In early 2020, Egypt proposed in its Comprehensive Sustainable Energy Strategy 2035 that the installed capacity of renewable energy in Egypt would reach 61 million kW by 2035, including 43 million kW of solar energy and 18 million kW of wind energy. By 2035, more than 42 percent of electricity will come from renewable sources. During COP27 at the end of 2022, Egypt issued a low hydrocarbon energy strategy outline, which aims to vigorously develop the green hydrogen industry.

Egypt's Minister of Electricity and Renewable Energy, Shaker, expressed the hope that Egypt will become a clean energy transportation corridor on the African continent and implement the localization of solar, wind and other renewable energy industries. In the next 10 years, Egypt is expected to have 100 GW of renewable power projects to produce green hydrogen, which will be a significant source of revenue and help the country reduce carbon emissions by 37 million tons per year.