Back to the complete issue
Thursday, 17 June 2021

Catch some rays

The US really wants us to go solar: The US will step up funding to Egypt to accelerate our shift away from fossil fuels towards renewable energy, US climate envoy John Kerry told reporters following his meeting with Foreign Minister Sameh Shoukry in Cairo yesterday, the Associated Press reports. Egypt is “blessed to be the number one country in the world” to use solar energy, Kerry said, adding that going all in on renewables would be a boon for job creation. Kerry also met with Prime Minister Moustafa Madbouly and Environment Minister Yasmine Fouad during his visit, the US State Department said in a statement, without disclosing further details.

Egypt already has one of the world’s largest solar facilities in the 1.65 GW Benban solar park, which helped the country to produce 3.65 GWh of solar energy in FY2019-2020. And the government is in talks with investors to launch new solar and wind projects that will generate some 2 GW of combined power.

But the country is still heavily reliant on hydrocarbons to meet its energy needs: Renewable sources only accounted for 3.4% of the country’s energy mix in 2019. Electricity produced from natural gas alone is estimated to account for 70-75% of our energy mix in the latter half of the previous decade.

Any new funding would help the Egyptian government meet its targets for renewables, including increasing the supply of electricity generated from renewable sources to 20% by 2022 and 42% by 2035, with the private sector expected to deliver most of this capacity.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.