Image: International Renewable Energy Agency
According to a report by the International Renewable Energy Agency (IRENA), Egypt has the potential to meet more than 50 percent of its electricity demand with renewable energy.
The report, released yesterday in Cairo, highlights that renewable energy could reduce the country’s electricity bill by up to $900 million annually by 2030.
It further states that for Egypt to achieve these new numbers, investment in renewables needs to grow from $2.5 billion per year to $6.5 billion per year.
Egypt plans to source 20 percent of its electricity from renewable energy by 2022, which would increase to 42 percent by 2035. At present, the country’s total installed capacity of renewables stands at 3.7GW.
Egyptian Minister of Electricity and Renewable Energy, H.E. Dr. Mohamed Shaker said in a statement: “This analysis offers the Egyptian energy sector a roadmap, building on current ambitions and plans, to enhance our position as an energy hub connecting Europe, Asia and Africa.”
Egypt has the ability to draw on hydropower, wind, solar and biomass as renewable energy sources. The IRENA report suggests that there should be a constant evaluation of long-term energy strategies in renewable energy and falling renewable power generation costs.
IRENA Director-General, Mr. Adnan Z. Amin said: “Remarkable cost reductions in renewable energy in recent years are encouraging governments all over the world to rethink energy strategies so as to better reflect the new economics of renewables.”