The European Bank for Reconstruction and Development (EBRD) will be supporting Egypt’s green energy transition, increasing finance for climate adaptation, expanding private sector climate mobilisation and fostering corporate transformation at COP27 next week.
The EBRD will support Egypt in the coordination of the energy pillar of its planned Nexus Water-Food-Energy initiative, to be launched at COP27.
Egypt has plentiful renewable energy resources and close to Europe and Asia, providing the potential to become a global hub for green fuels. It also aims to increase the share of renewable energy in its electricity mix to 42% by 2035.
The energy component of this plan will consist of retiring 5GW of inefficient fossil fuel capacity by 2025 and deploying 10 GW of solar and wind energy by 2028. Using $500 million of technical assistance, grants and loans to implement a just transition and support for absorption of renewable capacity, NWFE-EP is expected to mobilise $10bn in private investments.
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