Egypt’s Minister of Petroleum H.E. Tarek El-Molla reaffirmed its commitment to the global energy transition during a panel discussion on Monday at the 23rd World Petroleum Congress, discussing recent bilateral agreements forged with the U.S. and the potential of natural gas to serve as a cleaner-burning, intermediate fuel for African nations.
The panel was moderated by Tor Fjaeran, President of the World Petroleum Council, and joined by David Turk, Deputy Secretary of the U.S. Department of Energy.
Egypt, which is set to host the COP27 international climate conference in 2022, signed several agreements with the U.S. fostering bilateral cooperation across renewable development, after the two countries announced joint ambitions to reach net-zero emissions.
H.E. Minister El-Molla addressed the growing role of natural gas production in Egypt’s domestic energy transition, as well as the country’s progress in phasing out coal production and consumption and confirming its commitment to 100% clean energy sourcing. Ultimately, the North African producer aims to expand clean energy to power public transportation and electricity generation, among other critical sectors, and currently represents the fastest-growing Arab exporter of Liquefied Natural Gas.
“We need to set our goals and identify our capabilities. We have demonstrated that we are committed and already developed our energy strategy six years ago, choosing natural gas as our transition fuel,” said H.E. Minister El-Molla. “We have to make sure that we implement and use natural gas as an environmentally affordable source of energy to ensure that we transition properly and in alignment with global initiatives regarding reducing emissions.”
Representing the U.S. perspective, Deputy Secretary Turk emphasized the need for innovation in clean technologies across sectors, including transportation, industry and energy, which in turn can drive down costs and enable these technologies to be deployed to scale.
“We must deploy clean energy technologies, especially those where we have reduced the costs to the point where they are cost competitive,” said Turk. “Solar PV, for example, is cost favorable to alternative technologies. We need to deploy these technologies as quickly as we can.”
Energy Capital & Power (ECP) – in partnership with the African Energy Chamber’s U.S.-Africa Committee – invites U.S. companies, investors and organizations to participate in the first-ever U.S.-Africa Energy Forum (USAEF) (October 4-5, 2021, Houston, Texas), introducing American companies to African opportunities. To learn more about how U.S. firms can advance the agenda of sustainable, long-term investment in African energy, please visit www.energycapitalpower.com. To sponsor, speak or attend USAEF 2021, please contact Senior Director James Chester at firstname.lastname@example.org.