On October 20, 2023, Egypt's Minister of Petroleum, Karim Badawi, announced a significant reduction in the country's renewable energy targets for 2040, lowering the goal from 58% to 40%. The shift reflects a renewed emphasis on natural gas as a critical component of Egypt's energy mix.
Previously, Egypt had committed to increasing renewable energy to 42% of its energy portfolio by 2035, with ambitions to advance this target to 2030. Last June, the former Minister of Electricity, Mohamed Shaker, had outlined an ambitious plan to achieve a 58% share by 2040.
This adjustment in renewable energy objectives is expected to benefit the gas sector, which Egyptian officials now prioritize. During the opening session of the Mediterranean Energy Conference 2024, Badawi stated, 'This is a message for all of us to work together to increase discoveries and attract more investments through exploration offers.'
According to the International Energy Agency (IEA), renewable energy accounted for approximately 51.8% of Egypt's total energy supply in 2022, with production having increased by 283% since 2000.