$500 m int’l package to finance Egypt’s transition to clean energy

11 / 11 / 2022

By Marwa Nassar - -

US President Joe Biden announced today, alongside the European Union and Germany, a $500 million package to finance and facilitate Egypt’s transition to clean energy.

This package will enable Egypt to deploy 10 gigawatts of renewable energy by 2030, while bringing offline 5 gigawatts of inefficient gas-powered facilities, reducing emissions in Egypt and power sector by 10 percent.

He made the remarks at the 27^th United Nations Climate Change Conference COP27, currently held in Egypt’s Red Sea resort city of Sharm el Sheikh.

“We also — we’ll also work with Egypt to capture nearly 4 billion cubic meters of natural gas, which Egypt currently flares, vents, or leaks from its oil and gas operations,” Biden said.

“And because of this cooperation, Egypt is elevating its climate ambition and submitting an enhanced national determined contribution,” he added.

“If we’re going to win this fight, every major emitter nation needs align with the 1.5 degrees. We can no longer plead ignorance to the consequences of our actions or continue to repeat our mistakes. Everyone has to keep accelerating our efforts throughout this decisive decade,” he said.

“My friends, I came to the presidency determined to be tran- — make the transforforma- — transformational changes that are needed — that America needs to make and we have to do for the rest of the world to overcome decades of opposition and obstacles of progress on this issue alone; to reestablish the United States as a trustworthy, committed, global leader on climate,” he said.

“As I stand here before you, we’ve taken enormous strides to achieve that,” Biden said.

“But I don’t stand here alone. This progress is being driven by young people all across America. Like young people around the world, they feel the urgency of climate, and they feel it deeply. They’re committed to these issues. They know the stakes, and that’s their world we’re creating,” he said.

“This is not to stand by and allow us to fail in their — in this responsibility. We can’t. That’s why, as I look out, of all the things that I’ve — we’ve accomplished, with so much more to do, I’m optimistic,” he added.

“For all the work that remains to be done, we have to put down significant markers of progress. The United States has taken enduring steps to meet our goals. We’re delivering on our promise of leadership, and more and more of the world is standing with us,” he said.

“Though determined diplomacy is necessary, we’re finding consensus, building and understanding and launching new approaches. And the inspiring passion of young people, civil society, climate activists, Indigenous communities is literally galvanizing the world,” he said.

“Yes, the challenges we face are great, but our capacity is greater than the challenges. We must never doubt that,” he said.

“So let’s reach out and take the future in our hands and make the world we wish to see and that we know we need — a planet preserved for generations to come; an economy powered by clean, diversified, secure energy sources; opportunities unlocked through innovation and cooperation that deliver equitable, more prosperous, and more stable, and more just world for our children,” he added.

“That’s why we’re here. That is what we’re working toward. And we can do it together. I am confident,” he concluded.