Egypt has revised its renewable energy target for 2040 down to 40 percent from a previous goal of 58 percent, Petroleum Minister Karim Badawi said recently, underscoring that natural gas will remain a key part of the country's energy mix for years.
Before hosting the COP27 climate summit in 2022, Egypt pledged to raise renewable energy production to 42 percent of its energy mix by 2035, later advancing that target to 2030. In June 2024, then-Electricity Minister Mohamed Shaker announced an ambitious plan to raise this to 58 percent by 2040, a target now abandoned.
"This is a message to all of us to work together to increase discoveries and attract more investments through the bids being offered for exploration, aiming to achieve discoveries in the region, which holds more wealth, particularly natural gas," Badawi said in the opening session of the Mediterranean Energy Conference 2024.
