Egypt and the European Commission signed a Memorandum of Understanding (MoU) to enhance energy assistance since the country’s dwindling energy resources are no longer abundant. The MoU will also aim to promote renewable energy.
“We share the same energy concerns and opportunities – diversification and security of energy supplies, transport and markets, market reforms, development and modernization of energy infrastructure, improving energy efficiency, and renewable energy sources. It is therefore natural that we should reinforce our cooperation to better address these challenges,” said the Commissioner for External Relations and Neighborhood Policy Benita Ferrero-Waldner.
The push for Egypt to take renewable/alternative energy sources seriously lies within its limited supply of fossil fuels. Analysts predict the country only has enough proven oil and gas reserves to last for roughly three more decades.
In an effort to jump start its independence from fossil fuels, Egypt wants to generate 20% of its electricity from renewable sources by 2020. The North African country is incorporating lower-emission taxis by using compressed natural gas (CNG) with cars already hitting the streets; is sourcing a significant amount of hydroelectric power from the Aswan High Dam; and its wind projects are picking up speed as top Middle East/North African cable company, El Sewedy, announced in October its new wind energy subsidiary would produce and manufacture turbines and generators for use throughout the region.
