Egyptian minister discusses clean energy plans with EU bank VP

Egyptian minister discusses clean energy plans with EU bank VP

CAIRO: Tarek El-Molla, the Egyptian minister of petroleum and mineral resources, has met with Mark Bowman, the vice president of the European Bank for Reconstruction and Development, to enhance cooperation in reducing carbon emissions and promoting clean energy. The two sides also covered global oil and natural gas prices — which are significantly rising due to several political crises — and reviewed the ongoing preparations for Egypt’s hosting of the COP27 World Climate Summit. El-Molla stressed that Egypt is committed to international agreements for preserving the environment and reducing emissions, foremost of which is the Paris Climate Agreement, adding that Cairo has adopted an ambitious strategy that supports the transition to cleaner energy use by reducing carbon emissions as part of its “Egypt 2030” vision for sustainable development. The minister said that Egypt is developing an ambitious plan to use hydrogen as a low-hydrocarbon fuel source, focusing on producing blue hydrogen in the short- and medium-term as well as the production of green hydrogen. He noted the importance of natural gas as a transitional fuel, as it has the fewest fossil fuel emissions, adding that several countries have adopted it as they move towards cleaner energy. El-Molla said that modern,