Engineer Tarek El Molla, Minister of Petroleum and Mineral Resources, stressed the importance of regional and international dialogue on the issue of energy transition, expansion of technology availability, and provision of financing for investments related to energy transition in developing countries that still depend mainly in their economies on fossil fuels, with their technical and financial support in implementing the energy transition so as not to This represents pressure on their economies and the well-being of their people, pointing out that technological development has contributed to reducing the cost of energy production from renewable resources in light of the high prices of fossil fuels globally at the present time.
This came in El Molla’s speech to the session “The Global Energy Scene: Key Options.. Challenges.. on the Path to Transition to Clean Energy” organized by the International Energy Agency within the activities of the Funding Day at COP27 Climate Summit held in Sharm El-Sheikh in the presence of the Agency’s Secretary-General Dr. Fatih Birol and Salem bin Nasser Al-Oufi, Minister of Energy and Minerals of the Sultanate of Oman, Ruth Nankabirwa, Minister of Energy and Mineral Development of the Republic of Uganda.
El Molla pointed out that Egypt and a number of African and Middle Eastern countries have begun the stage of energy transition and the development of renewable energies in parallel with the development of fossil fuel sources such as natural gas in environmentally responsible ways and by using technological means to reduce emissions in order to meet the needs of future generations.
El-Molla explained that Egypt, for example, has huge solar energy projects, and yesterday signed new agreements with Saudi Arabia and the UAE in this field with huge investments to produce about 20 gigawatts, in addition to agreements in the field of hydrogen production, adding that natural gas, the cleaner fossil fuel, will remain an important part of the oil mix. The energy consumed, and we will continue to need this important source for decades to come, according to the forecasts of the International Energy Agency. He pointed out that energy companies globally are currently working on developing technologies to reduce emissions in the oil and gas industry.
El-Molla stressed Egypt’s pride in being a representative of the African continent at this summit, stressing that Africa requires a different view of it in order to achieve an energy transition appropriate to the development needs of its countries and peoples, in light of the presence of more than 600 million people on the African continent who do not have access to electricity until now. He also stressed the need to work to provide financing for energy transformation projects in the African continent.
During the session, the participants stressed the importance of taking into account the conditions and right of developing countries in the energy transition and supporting them with the necessary financing and technologies to enable them to catch up with the efforts to transform green energy.