By Abdullahi Lukman
Egypt’s Minister of Electricity and Renewable Energy, Mahmoud Essmat, has reiterated the country’s commitment to fostering partnerships, attracting private sector investments, and promoting active participation in energy projects.
He emphasized the abundant economic and investment opportunities within Egypt’s energy sector, with the ministry focusing on creating an environment conducive to private sector growth by addressing obstacles faced by development partners.
Speaking at the Akhbar El-Youm Economic Conference, Essmat outlined several initiatives aimed at facilitating investment, including legislative reforms and the enactment of the Electricity Law, which is designed to fully liberalize Egypt’s electricity market.
The government, he said, is also working to allocate land for renewable energy projects, localize technology, expand the electrical equipment industry, and establish new industries for renewable energy equipment, utilizing available raw materials, industrial resources, and skilled labor.
He stressed the crucial role of renewable energy in combating climate change, reducing carbon emissions, and achieving zero emissions, while simultaneously reducing dependence on traditional fuels.
Essmat also discussed an urgent plan within the electricity sector to reduce reliance on fossil fuels, including the addition of 22,815 MW of capacity from solar and wind energy by 2030.
For the first time, this plan will also integrate energy storage batteries.
The minister elaborated on an integrated plan aimed at improving the efficiency of the national electrical grid, ensuring it can accommodate new renewable energy capacities with minimal loss.
This plan involves transitioning from a traditional grid to a smart grid, incorporating the latest technologies as part of Egypt’s recently adopted energy strategy.
He noted that this strategy is central to Egypt’s Vision 2030 and aligns with the UN’s 17 Sustainable Development Goals.
Essmat highlighted the progress made toward Egypt’s goal of achieving 42 percent renewable energy in the national energy mix by 2030, with a longer-term target of 65 percent by 2040.
He credited the ongoing support and oversight of President Abdel Fattah Al-Sisi for this success.
The Minister further stated that the global energy crisis has affirmed Egypt’s vision for diversifying its energy sources.
He expressed confidence in the Ministry of Electricity’s ability to anticipate and address emerging energy trends.
Essmat reaffirmed Egypt’s Vision 2030, which aims to balance development and environmental preservation, increase the reliance on renewable energy, and promote sustainable consumption and production.
He also outlined ongoing efforts to strengthen electrical interconnection projects, essential for enhancing energy security and increasing renewable energy usage in the medium and long term.