Get to Know Egypt's Efforts to Reach Green Economy

The green industry can be established by expanding the use of the methods and mechanisms that succeeded in reducing pollution and resource consumption in all sectors and contributed to increasing the supplies of commodities and fine-priced and trusted environmental services.

The importance of the green industry lies in reducing extreme climate changes, municipal solid waste, and effluent, providing a healthy environment for current and future generations, founding new fields in the real of green investment, and balancing between natural resources and wanted industrial development.

Therefore, Egypt made huge efforts to reach a green economy, among those efforts are the following:

30% of the investment plans in Egypt during the 2020/2021 fiscal year was for green economy projects.

The percentage was increased to %38-40 in the 2021/2022 fiscal year, and Egypt targets to increase the percentage to 50% by 2024/2025.

The Egyptian Ministry of Finance issued the first five-year green bonds in Egypt, the Middle East, and North Africa by $750 million with an interest estimated at 5.25% which would help Egypt for getting sustainable funding.

- Clean Energy

The Egyptian state conducted several procedures for enhancing green energy, one of those procedures was renewable energy as it targets expanding the usage of renewable energy by 42% by 2035 with the increase of wind and solar energy projects.

E- Cars

Egypt targets to be a regional hub for the green industry in light of the latest technological development in the field of E-cars manufacturing, especially after the expansion of the global e-cars market, in addition to its social, environmental, and economic return.

Therefore, the government started to localize the manufacturing of E-cars by presenting the required support for investing in this field as a step toward turning to a clean environment, emissions-free.

It worth mentioning that El Nasr company cooperated with a Chinese corporation for manufacturing the first E-car in Egypt.

-Green Hydrogen

Egypt started to join the market of green hydrogen production to be one of the earliest countries to depend on this form of energy.

In addition, Egypt targets to export green hydrogen, that's why the Ministry of Electricity signed a partnership agreement with the Belgian DEME corporation to start conducting studies for a green hydrogen production project.

This was the second agreement concerning this matter after the agreement signed with the German Siemens for starting a project for producing green hydrogen this year which could be a source of foreign currency in the future.