Minister of Petroleum and Mineral Resources Tarek El Molla expressed optimism regarding the organization and outcome of COP28, set take place in the UAE.

“We are certain that the hosting and efforts of the sister country of the United Arab Emirates for this year’s edition of the COP28 climate conference will be successful, El Molla said in an article published in Attaqa .  He especially referred to Egypt’s success in organizing the last edition of the COP27 conference in Sharm El-Sheikh, and  the importance of activities of the COP28 climate conference, especially the thematic day on energy, industry and a just transition, scheduled to be held on December 5.

In the same context, El Molla also highlighted Egypt’s ability to face the inevitable challenges imposed by the current changes in markets, investors and consumers in the energy sector.

He affirmed the ability of the oil and gas industry to face and adapt to these challenges with balance and dynamism.

“Reducing emissions and promoting the transition to sustainable, low-carbon energy systems are key elements in the vision and strategy of the petroleum sector in Egypt,” El Molla wrote. “We are working on a number of main axes to achieve this strategy, which includes natural gas as a transitional fuel, improving energy efficiency, implementing carbon reduction projects, establishing the appropriate institutional framework to enhance green petrochemical production efforts, and expanding the use of renewable energy in various production sites and facilities, as well as the production of low-carbon hydrogen and its derivatives.”

He emphasized that in light of Egypt’s commitment to the Global Methane Pledge in the Oil and Gas Track, the state is implementing a program to assess and reduce emissions of methane and volatile petroleum compounds resulting from petroleum and natural gas product facilities. It involves cooperation with the European Bank for Reconstruction and Development (EBRD).

El Molla shed light on findings that the average percentage of emissions in gas companies in the petroleum sector in Egypt is less than the global average. He elaborated that Egyptian gas companies in the petroleum sector implement a periodic program to measure and fix emissions.

He pointed out that measures are being taken to announce the National Strategy for Low-Carbon Hydrogen, which the Ministry of Petroleum and Mineral Resources is preparing in cooperation with other relevant parties. He added that its general framework was announced during the activities of COP27.

The Minister’s statement emphasized expectations that the hydrogen economy in Egypt will contribute to maximizing the opportunities for localizing the manufacture of hydrogen production components, as well as securing new sources of energy in the country.