Egypt Aims for Green Investment Growth and Carbon Emission Reduction
Key Ideas
- Egypt targets a 40% increase in green investments in 2024 and a 50% increase in 2025, focusing on integrating them into the state plan.
- The country plans to establish green hydrogen and ammonia plants in the Suez Canal Economic Zone to reduce greenhouse gas emissions in industrial applications.
- Adjusting carbon limits to boost the competitiveness of Egyptian exports is a central aspect of the discussions on green investments.
- Efforts include implementing measures to decrease carbon emissions and promote eco-friendly practices across various sectors in Egypt.
During a meeting overseen by Prime Minister Mostafa Madbouly, the Cabinet Spokesman, Mohamed el-Homsani, announced that Egypt aims for a 40% increase in green investments in 2024 and a 50% increase in 2025, with a strong emphasis on integrating these investments into the country's overall state plan. The focus is on adjusting carbon limits to enhance the competitiveness of Egyptian exports. Egypt plans to establish green hydrogen and ammonia plants in the Suez Canal Economic Zone through partnerships with multiple countries. The objective is to expand the utilization of green hydrogen and ammonia in various industrial applications, such as the production of iron, steel, fertilizers, and chemicals, in order to significantly reduce greenhouse gas emissions. The meeting also underscored the significance of the 2050 Climate Strategy and the National Committee for Environmental and Climate Policies. These initiatives aim to implement diverse measures and campaigns to decrease carbon emissions across different sectors in Egypt and encourage the adoption of eco-friendly practices.