The Egyptian government revised its target for renewable energy contribution to power generation to 29.7 % by 2030 , according to the International Monetary Fund (IMF) report on the fourth review of the $8bn loan.
The new target is compared to the 42 per cent by 2023 given by several government officials, including the prime minister and the 42 % by 2040 noted by Mahomoud Esmat, Minister of Electricity and Renewable Energy, in September 2024.
The share of the different renewable sources in the new target is as follows: 19.3% from wind power, 5.3% from solar energy, and 5.1% from hydroelectric sources, according to the IMF.
As of fiscal year (FY) 2022/23, renewable sources contribution to Egypt’s electricity generation mix came at 12.1 %. This breaks down to 2.6% from wind power, 2.3% from solar energy, and 7.2% from hydroelectric power.
Another commitment given by Egypt, according to the report, is to reduce emissions by 37% in electricity, 65% in oil and gas, and 7% in transport, by 2030, contingent upon securing external financing.
The government intends to accelerate the development of 4 GW of renewable energy in 2025 to address the energy deficit resulting from reduced gas supplies. To ensure accountability and track progress towards renewable energy targets, the Ministry of Electricity will publish annual reports, which will include an evaluation comparing realized investments against scheduled plans.
It is worth noting that CO2 emissions from fuel combustion in Egypt totaled 217.806 metric ton in 2022, a 118% increase from its level in 2000,according to the International Energy Agency (IEA).
