Minister of International Cooperation Rania Al-Mashat has participated in the 1st high-level Steering Committee Meeting on Energy and Hydrogen Cooperation between Egypt and Germany. This aims to build on the existing cooperation in renewable energy generation and the declaration of intent signed last November between the two countries.
Al-Mashat said that the 1st High level Steering Committee Meeting on Energy and Hydrogen Cooperation between Egypt and Germany reflects the joint efforts between the two countries in stimulating green entry efforts, and builds on the steps taken by both. The most important of which was the signing of the joint declarations of intent to cooperate in the fields of natural gas and green hydrogen, with the aim of contributing to securing clean energy supplies, achieving sustainable development and addressing climate change.
The Minister stated that green hydrogen has become of great importance in the world as it is one of the clean fuels that can advance green transformation efforts, and promote the transition to clean energy in conjunction with the world’s decline in conventional energy reserves, and international efforts to stimulate climate action and reduce emissions. She explained that Egypt has already begun to take successive steps to stimulate investment in green hydrogen and increase reliance on it as a clean energy source to secure energy supplies internally and export it abroad, especially to Europe.
Al-Mashat shed light on the country platform for the Nexus of Water, Food and Energy (NWFE Program), which was launched in July last year with the aim of mobilizing climate investments and financing worth $14.7 billion in the aforementioned sectors; under the umbrella of the National Strategy for Climate Change 2050 (NCCS) and Nationally Determined Contributions (NDCs). H.E pointed out pointing out that the German government had pledged at the COP27 to provide soft development funds, grants and debt swaps worth s €258 million, and also participated in the joint political declaration alongside Egypt and the United States, which included a pledge to support the energy pillar within NWFE.
The Minister highlighted the steps taken by Egypt in green hydrogen during the past year, including the signing of a MoU to launch the Mediterranean Hydrogen Partnership with the European Union (EU) and the European Bank for Reconstruction and Development (EBRD) during COP27 to promote investments in renewable energy. Moreover, she also noted the letter of intent signed with the EU worth €35m to enhance the energy pillar within the NWFE program, and to reduce the use of traditional energy, as well as signing a number of agreements for green fuel projects within the Suez Canal Economic Zone.
Al-Mashat affirmed the Government of Egypt’s commitment to the importance of the private sector’s participation as a major engine for comprehensive and sustainable economic growth, and its capabilities in stimulating the transition towards a green economy, promoting projects to mitigate and adapt to climate change, and create an enabling environment for the businesses in Egypt.
Additionally, she noted the importance of international partnerships in stimulating efforts to involve the private sector, such as the key example of the Benab Solar Power Plant in Aswan, which witnessed the attraction of soft development financing and investments by the private sector at a value of about $2 billion, featuring the participation of more than 33 private sector companies, and eventually chosen as the “best financing deal” by the World Bank in 2019.
The Minister noted that the joint cooperation between the Egyptian and German governments would contribute to expanding efforts to generate green hydrogen and securing the energy future for the country and neighboring countries.
The ongoing development cooperation portfolio with Germany amounts to €1.7 billion, through which 30 projects have been funded in the form of development finance, grants of technical support and financial contributions. Many sectors have benefited from this portfolio, including energy efficiency and renewable energy, sanitation, irrigation, water support, and waste management, social solidarity, migration, labor market, private sector innovation, technical education, vocational training, urban development, administrative reform, women, youth and social development.
