Investments worth $4trln required annually in renewable energy projects in Egypt: Mahmoud Mohieldin

Investments worth $4trln required annually in renewable energy projects in Egypt: Mahmoud Mohieldin

Egypt’s new and renewable energy projects alone need $4trn in investments not loans, said veteran economist Mahmoud Mohieldin, Egypt’s COP27 Climate Champion and UN Special Envoy on Financing the 2030 Agenda for Sustainable Development.

This came during Narrative Summit’s new episode in the new series “Leap to COP27”, under the auspices of the Ministry of Environment.

Mohieldin said that the national development projects are essential for the sustainable development plans in the coming period; adding, this is what the Egyptian state has achieved so far through implementing its Decent Life initiative set to be completed by the end of 2024. According to him, the political leadership in Egypt has previously announced that the program serves sustainable development and climate change dimensions in rebuilding villages and cities.

“The implementation of such projects requires huge investments in various fields.The Ukraine war crisis has certainly emphasized on the importance of investing in alternative and diversified sources of energy. Hence, Egypt is following the right path, whereas the country signed several green hydrogen MoUs with various foreign and Arab companies,” he added.

Mohieldin also pointed out that the cost of climate change has decreased by 90% compared to a decade ago, and its importance has been increased by