UNIDO official: Egypt expected to invest around $125 bn in green technologies by 2035

UNIDO official: Egypt expected to invest around $125 bn in green technologies by 2035
01 / 07 / 2024
By Marwa Nassar - -

Annachiara Scandone, Industrial development expert at the United Nations Industrial Development Organization (UNIDO) Egypt, said Egypt will invest around $125 billion in green technologies by 2035.

She made the remarks during the the 6th Forum on Strategies for Transition to Green Economy which kicked off earlier Monday.

She said “The market opportunity is huge, if we capture it early.”

“Market opportunity comes from technologies related to water, wastewater, desalination, energy and resource efficiency, circularity, waste management, sustainable transport, and bio-based industries,” she added.

“So different green technologies that where companies in Egypt can start manufacturing; there is an important industrial base. Chemical engineering that Egypt can leverage to also venture into manufacturing of green technology and capture this opportunity,” she added.

“Green transition is definitely a necessity because failing to adopt low carbon growth and circular economy models will result in a loss of market shares,” she highlighted.

“It is a necessity also because of an issue related to production costs, increasing costs and shortages of resources; energy, water, in the big Mediterranean region,” she expounded.

“It is a necessity from competiveness and production cost perspective,” she said.

“It is also an opportunity..First of all, globally, the demand for green technologies is higher than the current supply,” she added.

“The International Energy Agency (IEA) has estimated that 50 or more than 50% of the technologies needed to decarbonize, to achieve better targets, to mainstream energies of sufficient hydrogen, etc. are not yet commercialized,” she noted.

“This means that there is room for businesses to enter such markets domestically and globally,” she asserted.

“It is also an opportunity again domestically. Egypt offers diverse and large markets for green technologies and industrial commercial applications,” she noted.  

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