Green economy tops Egypt's priorities: Heiba
Updated 9/9/2024 7:43:00 AM
Arab Finance: Green economy is a top priority for Egypt and the entire world, CEO of the General Authority for Investment and Free Zones (GAFI) Hossam Heiba said.
During the opening session of the third Green Community Forum, Heiba emphasized Egypt's vast potential in solar and wind energy, with the capacity to produce about 2 terawatts of renewable energy.
The green economy encompasses sectors like renewable energy and recycling, which are key components of Egypt Vision 2030 development strategy.
Egypt’s Energy Strategy 2035 aims to increase the share of renewable energy in the country’s energy mix to around 42%, while improving energy efficiency to reduce consumption by 18% across all sectors, Heiba noted.
He also reviewed the government’s efforts to attract investment in the renewable energy sector, including the allocation of tens of thousands of kilometers for renewable energy projects and incentives for manufacturing solar panels and wind turbines.
Furthermore, Heiba added that the Egypt-EU Investment conference witnessed the signing of agreements and memoranda of understanding (MoUs) worth over €67 billion with European governments and companies.
All these deals align with the sustainable development strategy of Egypt Vision 2030, he pointed out, adding that the EU targets importing 10 million tons of green hydrogen from outside Europe, with a large share to be supplied from Egypt as per their signed integrated strategic partnership.
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