Egypt’s Minister of Electricity and Renewable Energy, Dr. Mohamed Shaker, has confirmed that the country aims to reach 60% dependence on renewable energy by 2040. This is an update to the previous target of 42% by 2030.
Shaker explained that the change in target is due to the availability of wind and solar energy resources in Egypt, as well as the low prices of these technologies. He also pointed out that renewable energy projects in Egypt have not been affected by the global dollar crisis, as investors in this field typically invest in dollars.
Shaker said that renewable energy plants from sun or wind will be the least expensive in the coming years compared to conventional power plants that depend on fuel. He added that announcing the prices per kilowatt-hour of sun and wind is considered one of the most important measures stimulating investment in this field.
In summary, Egypt is committed to increasing its use of renewable energy and is taking steps to make this a reality. The country’s goals are ambitious, but they are achievable with the right policies and investments.