Egypt Lowers Renewable Ambitions, Doubles Down on Natural Gas

Egypt has reduced its renewable energy target for 2040 to 40% from 58%, citing the need to maintain natural gas as a major energy source. The country aims to attract investments for new gas discoveries, while addressing setbacks with foreign oil firms amid currency issues and declining gas output.

Egypt has lowered its renewable energy target for 2040 to 40% from an earlier aspiration of 58%, as announced by Petroleum Minister Karim Badawi. This move highlights the ongoing role of natural gas in Egypt's energy strategy.

Before the COP27 summit in 2022, Egypt had ambitious plans to increase its renewable energy share to 42% by 2035, later adjusting the goal to 58% by 2040. However, these targets have been revised to prioritize natural gas exploration.

The nation's dependency on fossil fuels is partly an effort to regain trust with foreign oil firms, which have been affected by a currency shortage. The government is collaborating with international energy companies to enhance gas production, notably in the Zohr field.

(With inputs from agencies.)