According to a November 11th email release, the United States and Germany committed to mobilizing $250 million in resources to Egypt to finance new wind and solar energy projects with a combined capacity of 10 gigawatts (GW).
The pledges also call for the decommissioning of 5 GW of ineffective natural gas power.
The pledged amount includes €85 million to be provided through grants, in addition to €100 million granted through debt swaps and €100 million in highly concessional loans.
The major project was announced in a political statement by the United States, Germany, and Egypt on the latter’s Nexus of Water, Food, and Energy (NWFE) Platform and Nationally Determined Contribution (NDC).
Egypt declared its commitment to improving its NDC by quadrupling its installed renewable capacity share to 42% by 2030.
Cairo also unveiled a long-term plan to reduce greenhouse gas emissions from transportation to zero by 2050 by relying more on zero-emission cars, environmentally friendly public transportation, and other measures.
Rania Al-Mashat, the Egyptian minister of international cooperation, announced on November 9 that industrialized nations have committed $100 billion in funding to help underdeveloped nations combat climate change.
