Egypt could produce up to 53% of its electricity from renewable resources by 2030, saving the government up to $900 million each year, according to the International Renewable Energy Agency (IRENA).
Research by the renewable energy group also suggests that renewable energy could provide up to 25% of the country’s total final energy supply by 2030.
The government will need to increase annual investment in the renewable sector from the current $2.5 billion to $6.5 billion if it is going to achieve these targets, according to IRENA’s findings.
The government is currently aiming to produce 42% of its energy from renewables by 2035.
IRENA’s findings were revealed during a high-level conference in Cairo on October 9.
“This analysis offers the Egyptian energy sector a roadmap, building on current ambitions and plans, to enhance our position as an energy hub connecting Europe, Asia and Africa,” said Egyptian Minister of Electricity Mohamed Shaker.
Adnan Z. Amin, IRENA’s director-general, praised the government’s progress in developing its renewable energy generation capacity.
“Egypt’s renewable energy potential is vast and the government has now moved decisively to accelerate its deployment. The Benban solar complex with its impressive scale reflects this new momentum,” he said.