STORY: Egypt revises down renewable energy share target to 40 pct by 2040: minister
SHOOTING TIME: Oct. 20, 2024
DATELINE: Oct. 21, 2024
LENGTH: 00:00:57
LOCATION: Cairo
CATEGORY: ECONOMY

SHOTLIST:
1. various of the opening of the Mediterranean Offshore Conference (MOC 2024) (courtesy of the Ministry of Petroleum and Mineral Resources of Egypt)

STORYLINE:

Egypt has revised its target for the renewable share of energy mix to 40 percent by 2040, from the previous 58 percent, Egyptian Minister of Petroleum and Mineral Resources Karim Badawi said on Sunday.

Badawi made the remarks during the opening of the Mediterranean Offshore Conference and Exhibition held in Egypt's coastal governorate of Alexandria, his ministry said in a statement.

A roadmap has already been drawn up, relying on solar, wind, and geothermal energy to reach the target, it added.

Meanwhile, Badawi pointed out that natural gas will remain a key fuel for years to come, noting there will also be emission reduction projects in various petroleum activities.

Egypt aspires to become a regional trade hub for oil and liquefied natural gas after major discoveries in the country over recent years, including the Zohr gas field in the Mediterranean, which holds an estimated 30 trillion cubic feet of gas.

Egypt also seeks to become a global green hydrogen center, with the Suez Canal Economic Zone already securing a 397-million-euro (about 431 million U.S. dollars) contract to export green fuel to Europe.

Xinhua News Agency correspondents reporting from Cairo.
(XHTV)