Egypt Revises Down Renewable Energy Share Target to 40 Percent by 2040

Badawi made the remarks during the opening of the Mediterranean Offshore Conference and Exhibition held in Egypt's coastal governorate of Alexandria, his ministry said in a statement.

A roadmap has already been drawn up, relying on solar, wind, and geothermal energy to reach the target, it added.

Meanwhile, Badawi pointed out that natural gas will remain a key fuel for years to come, noting there will also be emission reduction projects in various petroleum activities.

Egypt aspires to become a regional trade hub for oil and liquefied natural gas after major discoveries in the country over recent years, including the Zohr gas field in the Mediterranean, which holds an estimated 30 trillion cubic feet of gas.

Egypt also seeks to become a global green hydrogen center, with the Suez Canal Economic Zone already securing a 397-million-euro (about 431 million U.S. dollars) contract to export green fuel to Europe.

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