Reading Time: 1 minutes
A discussion on “Energy prospects in Egypt: Opportunities and challenges” was held between the German Fredrich Ebert Foundation and Al-Ahram centre and on energy transformation.
The panel was organized by Al-Ahram Centre for Political and Strategic Studies.
The experts said that this change will result in the cooperation of the European Union (EU), and China, Egypt and the US, in energy projects.
Egypt has a good amount of renewable energy sources, human resources, and financial and legal systems which assist it to invest in green energy.
In the near future, energy transformation is expected to face more challenges including fossil fuel imports and exports globally as it has a bad impact on the environment.
A carbon tax might be imposed by European Union (EU), which is another obstacle. On one side EU wants to take necessary action for lowering the impact of climate change and on another side, this could affect opportunities for Egypt to export to European countries.
Also, going forward, banks, international financial institutions (IFIs), and global sovereign funds might deny providing finance to the oil sector projects.
Experts said, all these hurdles are directing Egypt to take the energy transformation action and become responsible by forming a corporate entity for planning this transition.
The panel also stated that solar energy, wind energy and green hydrogen industry projects are aligned with the country’s strategy of becoming a regional energy hub.