Egypt has taken various steps in 2022 to affirm its position as a regional energy hub, including signing memoranda of understanding (MoUs) and letters of intent for cooperation in energy with multiple parties, according to an official statement on December 28th.

Egyptian state-owned entities signed a set of MoUs and framework agreements worth $119 billion on the sidelines of the UN Climate Change Conference (COP27) to execute wind power and green hydrogen projects in Egypt.

A group of MoUs was signed with international and local companies and consortia to conduct feasibility studies to execute wind power projects with a capacity of 28,000 megawatts (MWs) and expected investments of up to $34 billion.

The project is expected to create 50,000 direct and indirect jobs and cut up to 65 million tons of carbon emissions annually.

The Sovereign Fund of Egypt (TSFE) inked a number of cooperation agreements and protocols with nine developers in the renewable energy sector at a total value of $83 billion.

 

In a similar vein, the United States and Germany announced commitments to mobilize $250 million worth of resources to Egypt to fund new wind and solar energy projects with a compound capacity of 10 gigawatts (GW).

On June 16th, Egypt signed a memorandum of understanding (MoU) with Israel and the European Union on cooperation in the trade, transmission, and export of natural gas.

The signing comes under the umbrella of the East Mediterranean Gas Forum (EMGF) which was launched four years ago.

During the Eighth Ministerial Meeting of the EMGF on December 7th in Cairo, the presidency of the 2023 session was handed over to Egypt.

 

 

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