Minister of Petroleum and Mineral Resources Tarek El Molla has participated in a panel discussion titled “East Med Gas Forum: Leveraging Decarbonization Efforts in East Med Gas Supplies”, organized by the Greek Ministry of Energy in the Blue Zone at COP28.
The panel was attended by the Cypriot Minister of Energy, Commerce and Industry, Giorgos Papanastasiou; Greek Deputy Minister of Environment and Energy Alexandra Sdoukou; and the Secretary General of the East Mediterranean Gas Forum (EMGF) Osama Mobarez, in addition to chairmen of energy companies.
During the session, El Molla affirmed that COP28 is a good opportunity for all gas exporters to assure that natural gas is the most appropriate fuel for transition into global low carbon energy.
Additionally, the minister referred to the necessity of achieving balance between energy security and energy transition as the oil and gas industry still cannot meet the high demand on energy and overcome climate change at the same time.
He elaborated that achieving this goal requires working in parallel to take decisive action towards the transition to clean and more sustainable energy sources, while intensifying efforts to provide oil and gas resources in more responsible, environmentally friendly and low-climate-impact ways. This can be achieved through expanding the application of carbon capture and storage technologies, reducing methane emissions and the circular carbon economy.
Moreover, El Molla showcased the importance of the initiative launched by the East Mediterranean Gas Forum (EMGF) in obtaining a carbon efficiency certificate for exporting natural gas, which will boost transparency and improve the competitiveness of the emissions reduction mechanisms.
Moreover, the minister confirmed that members of the EMGF are committed to ensuring security and energy supplies as well as enhancing carbon reduction technologies.
El Molla also stated that Egypt has taken great steps to expand and develop infrastructure to meet and secure energy demand, working towards realizing the country’s vision to becoming a low carbon energy trading hub.
He noted that EGYPES 2024 will address the mechanisms of sustainable production of oil and gas as well as energy transition and carbon reduction.