The MENA region’s countries have taken proactive steps in advance of green investments, adopted climate-change strategies, and placed sustainability and clean energy at the top of their priorities, said Tarek Tawfik, AmCham Egypt President and Council Chairperson.
He said that sustainability investments are a key factor in business growth.
This was done during the 11th Annual AmCham Regional Council Conference of MENA, hosted by AmCham Egypt as Chair as well as the Secretariat of the Council.
Tawfik stated that Egypt took over the COP27 Presidency till November 2023. With momentum building for the United Arab Emirates to host COP28 in the next months, the region plays a key role in the net-zero transition. To diversify their energy mix, many countries are quick to adopt solar and other sustainable energy options. Jordan has set a goal to achieve 50% renewable energy by 2030. Oman, Bahrain, UAE, and Saudi Arabia all have targets of net-zero emissions by 2050 and 2060 respectively.
Tawfik also stated that the energy crisis which began in 2021 is driving the energy transition and creating huge interest in hydrogen. Due to their high renewables potential, Saudi Arabia, UAE, and Egypt are now prioritizing green and blue hydrogen production, not only for export to Europe or Asia but also for domestic consumption. Oman is a nation that has made itself one of the most desirable to produce green hydrogen at large-scale and competitive prices. The Middle East and North Africa (MENA), which can sustainably source solar hydrogen, is poised to become the second-largest global electrolyser manufacturer by 2040.
The US Charge of d’Affaires in Cairo stated that the United States wants to be the most supportive country for its Middle East partners to combat climate change and transition towards clean energy. This includes supporting green investments in Egypt and other countries through many American initiatives, and companies that are specialized in this area.
He said that US President Biden was keen to reach climate goals by 2030 and strongly supports the global trend towards “zero carbon by 2050.” He emphasized the importance of building upon the decisions of the Sharm El-Sheikh COP27 climate summit, particularly funding for the Adaptation Fund and the climate summit to be held in the Emirates this year, “COP28”.
