The Ministry of International Cooperation said the White House has shed light on Egypt’s Country Platform for the Nexus of Food, Water, and Energy (NWFE) and the imitative launched by US President Joe Biden at the United Nations climate conference (COP27).
The White House said on its official website that Germany and the United States announced over $250 million in resources to unlock $10 billion in commercial investment to support Egypt’s clean energy economy.
The program will deploy 10 GW of new wind and solar energy while decommissioning five GW of inefficient natural gas generation. This program, coordinated by the European Bank for Reconstruction and Development, will support Egypt’s NWFE.
Egypt committed to enhance its Nationally Determined Contribution to incorporate a commitment to quadruple its installed renewable capacity share to 42% by 2030. Egypt also committed to adopt an ambitious 2050 long-term strategy with a view to explore a net zero greenhouse gas (GHG) emissions target and kick-start the development of green hydrogen.
Additionally, Egypt committed to expand the use of zero-emission vehicles, sustainable public transport, and other solutions for reducing GHG emissions from transport. The three countries committed to cooperate on reducing methane emissions from Egypt’s oil and gas sector.
These commitments will yield major climate benefits by reducing Egypt’s power sector emissions by about one fifth and cutting methane pollution. They will also enhance energy security by freeing up over two billion cubic meters of gas,” the White House added.
NWFE aims to accelerate the national climate agenda. The Platform provides opportunities for mobilizing climate finance and private investments to support Egypt’s green transition, reflecting the interlinkages and complementarities between climate action and development efforts.
This is realized through the design, structuring and preparation of concrete and implementable climate action projects, moving the National Climate Change Strategy 2050 from pledges to implementation.
NWFE Program sets a practical and replicable demonstration of the concept of Country Platforms anchored in 2018 by the G20 Eminent Persons Group on Global Financial Governance, which proclaims that country ownership of development objectives guides coordinated efforts of all stakeholders to yield and scale-up more successful, impactful and sustainable results.
Source: State Information Service Egypt