Governments of the United States of America, Arab Republic of Egypt, and the Federal Republic of Germany released a political statement outlining a plan for accelerating Egypt's Energy Transition through Egypt's Country Platform for Nexus of Food, Water, and Energy (NWFE).
The United States and Germany committed to mobilize more than $250 million in resources to support the deployment of 10 GW of new wind and solar energy projects while decommissioning 5GW of inefficient natural gas generation. This project is coordinated by the European Bank for Reconstruction and Development.
Egypt committed to enhance its Nationally Determined Contribution by quadrupling its installed renewables capacity share to 42 percent by 2030. Egypt further committed to adopt an ambitious 2050 long-term strategy with a view to explore a net-zero greenhouse gas emissions target and kick-start the development of green hydrogen. Egypt will also plan to expand the use of zero-emission vehicles, sustainable public transport and other solutions for reducing greenhouse gas emissions from transport. The three countries committed to cooperate on reducing methane emissions from Egypt's oil and gas sector.
These commitments would yield major climate benefits by reducing Egypt's power sector emissions by about one-fifth, cutting methane pollution, and enhancing energy security by freeing up over two billion cubic meters of gas. Egypt's announced NDC enhancement comes among additional NDC enhancements from major emitters since COP26.