Tarek El Molla, Minister of Petroleum and Mineral Resources, has participated via video conference in the first coordination meeting of the Gas Exporting Countries Forum (GECF) to prepare for the 27th United Nations Climate Change Conference (COP27), to be held in November in Sharm El Sheikh.
During his opening speech to the meeting, El-Molla stressed that the energy sectors around the world have faced great challenges in recent years, starting with the large fluctuations in energy markets after COVID-19, moving to the unprecedented geopolitical challenges to energy security that caused major disruptions to global energy supplies.
El-Molla added that these global events have reinforced the importance and role of natural gas, as securing gas supplies has become a source of concern for many countries, especially as the world will continue to consume energy to support development and sustainability efforts. He stressed that it is important for gas-exporting countries to have the common goal of securing gas resources in safe and environmentally responsible ways, with the least possible impact on the climate through technologies for capturing, storing and utilizing carbon and reducing methane emissions.
The minister pointed out that in light of the current challenges in energy security, especially sustainability and providing it at reasonable prices, the role of natural gas remains important and vital in the energy transition. He pointed out that natural gas is the cleanest fossil fuel and an essential source of clean, reliable and affordable energy for the world, stressing that Egypt is implementing a strategy that relies on gas in this regard. Indeed, natural gas has become the dominant fuel in many industries and sectors in Egypt, he added.
El-Molla pointed out that Egypt’s vision, as the chair of the upcoming climate summit, is to call for moving from the negotiation and planning stage towards integrated, timely and actual implementation on the ground. He added that as part of this vision, which focuses on integration and implementation, the World Climate Summit will dedicate, for the first time, a day to reduce emissions as well as review local, regional and international efforts and successes in the field of emissions reduction in the oil and gas sector in addition to other sectors.