Minister of Petroleum and Mineral Resources Tarek El Molla has chaired a panel discussion on accelerating the pace of decarbonization and the energy transition as part of the activities of Energy Day at Egypt’s COP28 pavilion.

The panel titled “Advancement of Decarbonization & Energy Transition” was attended by Brad Crabtree, US Assistant Secretary of Energy; Reta Lewis, President of the Export-Import Bank of the United States; Ditte Juul Jorgensen, Director General of the European Commission’s Energy Department; Song Yu, CEO of Kuwait Energy Company; and Rick Duke, Deputy Special Presidential Envoy for Climate of the US. The panel was moderated by Carlos Pascual, Vice President for Global Energy at S&P Global.

The panel discussed the main visions and paths for decarbonization and energy transition, as well as emphasizing the importance of concerted efforts between various industry parties to support and accelerate carbon removal efforts. The discussion also touched on ways to enhance integration between governments and financial institutions to mobilize more investments to support these efforts.

During the opening speech, El Molla stated that the results of Decarbonization Day during the COP27 climate conference exceeded everyone’s expectations. This comes as many partnerships have been concluded with international companies and investors. He added that a number of memoranda of understanding (MoUs) were signed in the fields of energy transition, carbon removal, and hydrogen production.

El Molla explained that the challenges facing the energy sector in the past few years confirm beyond doubt that cooperation and integration are the path to achieving a sustainable energy future. He pointed out that the pressing issue of climate change requires all concerned parties to take bold and decisive action towards transitioning to cleaner and more sustainable energy sources.

The minister urged that achieving energy security and the energy transition simultaneously can be realized by giving priority to reducing emissions in fossil fuel production and increasing natural gas output.

He expressed his aspiration to continue cooperation to find more opportunities for concessional financing, technology transfer, and capacity building to enhance emissions reduction efforts.

Meanwhile, Jorgensen highlighted Egypt’s pivotal role in the Eastern Mediterranean region as well as its success and pioneering role in organizing Decarbonization Day at COP27 in Sharm El-Sheikh for the first time ever in the history of climate summits.

Jorgensen also pointed to Egypt’s position as a major player in the energy industry and its prominent efforts in implementing energy transition projects and securing energy sources. He elaborated that the energy transition is among the key areas of mutual interest between the European Union and Egypt.