EBRD Praises Egypt’s Success in Promoting Sustainable Energy Projects

Harry Boyd-Carpenter, Managing Director for Sustainable Infrastructure at the European Bank for Reconstruction and Development (EBRD), has praised Egypt as one of the leading nations in promoting and implementing renewable energy projects. Speaking at the "Accelerating Energy Transition in Emerging Markets" session during the International Renewable Energy Agency (IRENA) meetings in Abu Dhabi, he noted that Egypt has created strong incentives to foster renewable energy projects, paving the way for sustainable growth.

Boyd-Carpenter highlighted that renewable energy projects are highly attractive for investment and financing, offering significant economic and environmental benefits. However, he acknowledged that challenges such as infrastructure development, grid capacity, and energy storage remain barriers to expansion, particularly in developing and emerging markets. Addressing these issues, he emphasized, requires substantial investment and collaborative solutions, whether through partnerships among countries with similar challenges or through regional integration of energy networks.

The EBRD official stressed that renewable energy is a secure and economically viable industry, with costs significantly lower than those associated with fossil fuel production. Despite its potential, the sector requires mobilizing greater financial resources, particularly local funding, alongside accessible financing from multilateral development banks to ensure its continued growth.