AIIB Will Support 10 GW Renewables Energy in Egypt

Nov 23, 2022 12:57 PM ET
  • The investment will certainly take place under Egypt's program: Nexus on Water, Food and Energy (NWFE).
  • AIIB has committed to contribute to the RE component which is expected to mobilise a minimum of $10 billion in investments for the setup of 10-GW.

Global financial institutions are playing their role to the tee for the development and fast development of renewables at COP27. In one more such initiative, the Asian Infrastructure Investment Bank (AIIB) has introduced that it has actually joined development partners in signing a partnership arrangement with Egypt to jointly sustain the country's efforts to boost renewable energy as well as stimulate climate action through its country-led program: Nexus on Water, Food and also Energy (NWFE).

AIIB has authorized the agreement with Egypt's Ministry of Electricity and also Renewable Energy, Ministry of Environment and Ministry of International Cooperation.

The NWFE program includes three pillars-- food, water and also energy-- with an overall investment of regarding $14.7 billion under Egypt's National Climate Change Strategy.

AIIB claims that it has actually committed to add to the execution of the NWFE Energy Pillar, which is expected to mobilize at the very least $10 billion in investments for the installation of 10 GW of solar as well as wind energy by 2028.

AIIB said the effort will additionally consist of the retired life of 5 GW of ineffective fossil fuel capacity by 2025, leading to a considerable decrease in gas intake and greenhouse gas discharges, estimated at around 17 million lots of CO2e annually.

Konstantin Limitovskiy, AIIB Vice President for Investment Operations (Region 2), said, "Egypt is an extremely vital Member of AIIB, connecting Asia and Africa. We are really satisfied to enhance our complete support by joining the Egyptian Nexus of Food, Water and also Energy campaign, which is a model led by the country in dealing with climate imperatives." Limitovskiy included that AIIB has actually currently constructed a pipe going beyond $1 billion for Egypt, and also the NWFE Partnership offers another possibility for "our enhanced partnership.".

On A Robust Path.

Egypt intends to improve its Nationally Determined Contribution by committing to quadruple its mounted renewables capacity share to 42 per cent by the end of this decade. It has actually likewise committed to increase using zero-emission vehicles, sustainable public transportation, and also various other options for decreasing greenhouse gas emissions from transport.

In October, AIIB had additionally revealed that it will hold its eighth Annual Meeting in Sharm el-Sheikh, Egypt that is expected to happen in September 2023.

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