Minister of Petroleum and Mineral Resources Tarek El Molla has encouraged British companies and entities to invest in cooperation opportunities with the Ministry of Petroleum and Mineral Resources to implement the ministry’s strategy of carbon reduction.

This came during his speech at a panel discussion titled “Decarbonization” on the sidelines of the British Egyptian Business Association (BEBA) event in London.

He referred to decarbonization initiatives presented during Decarbonization Day at the COP27 summit and their positive results. The minister introduced the petroleum sector’s emission reduction goals as part of the national strategy for climate change. The strategy’s first pillar is decarbonizing the oil and gas sector and boosting sustainable economic growth.

El Molla explained that Egypt has issued its updated nationally determined contributions within the United Nations Framework Convention on Climate Change, as it aims to reduce greenhouse gases by 65% in the oil and gas sector by 2030.