ADDIS ABABA – Director for Technology, Climate Change and Natural Resources Management in the United Nations Economic Commission for Africa (UNECA) Jean-Paul Adam said Egypt has clear ambition to accelerate transition to clean and renewable energy.
In statements to MENA on Thursday, he said the diversity in the Egyptian economy is based on diversity in energy resources, referring to Egypt’s use of solar energy in water desalination.
He said Egypt’s experience in this respect can be reviewed during the 27th United Nations Climate Change Conference (COP27) which is due to be held in Sharm el- Sheikh in November.
He noted that Egypt is giving priority during the COP27 to enable African countries to get on track to shift to renewable energy with each country to adopt the model that goes in line with its needs and resources.
Director for Technology, Climate Change and Natural Resources Management in the United Nations Economic Commission for Africa (UNECA) Jean-Paul Adam said African countries have to mobilize resources and financing to cater for their needs, especially investment for securing energy.
He underlined the need for investment in sustainable development and energy, noting that African countries are capable of investing in these domains.
He noted that Africa’s transition to clean and renewable energy depends on securing financing, referring to a $100 billion annual commitment to African countries during the Paris climate summit that was not met.
Therefore, most of African countries that depend on foreign investments in renewable energy sector suffered from delay in implementing projects, he expounded.
He added that Egypt represents an example in mobilising addition resources, especially through using capital market and issuing green bonds.
He noted that African countries can get green loans as one of financial resources, voicing hope that African countries can largely shift to renewable energy resources by 2035.
Discussion about this post