Egypt Revises Renewable Energy Target to 29.7% by 2030
The Egyptian government has revised its renewable energy target to 29.7% of power generation by 2030, according to the International Monetary Fund’s fourth review of the $8 billion loan program. The new target represents a significant adjustment from the previously stated 42% by 2030 mentioned by various government officials.
The revised target breaks down to 19.3% from wind power, 5.3% from solar energy, and 5.1% from hydroelectric sources. As of fiscal year 2022/23, renewable sources contributed 12.1% to Egypt’s electricity generation mix, comprising 2.6% wind power, 2.3% solar energy, and 7.2% hydroelectric power.
Egypt has also committed to reducing emissions by 37% in electricity, 65% in oil and gas, and 7% in transport by 2030, contingent upon securing external financing. The government plans to accelerate development of 4 GW of renewable energy in 2025 to address energy deficits from reduced gas supplies.
Source: egyptoil-gas.com
