– Egypt has adjusted its long-term renewable energy goal, aiming for a 40% share by 2040, down from a previously set target of 58%, with a continued reliance on natural gas emphasized by Petroleum Minister Karim Badawi.

– Despite earlier plans to increase renewable energy output to 42% by 2030, economic challenges and growing dependency on natural gas have led to a recalibration of energy priorities.

– Egypt is struggling with unpaid bills to foreign oil companies due to a hard currency shortage, while increasing its imports of high-sulfur fuel oil, reaching 255,000 barrels per day in September—the highest since 2016.

Egypt has made a significant adjustment to its long-term renewable energy targets, opting for a 40% renewable share by 2040, down from a previously more ambitious 58%, Petroleum Minister Karim Badawi made this announcement, emphasizing that natural gas will continue to play a vital role in the nation’s energy landscape for the foreseeable future, according to Reuters.

Egypt had committed to raising renewable energy output to 42% by 2035, later pushing this forward to 2030.

In June 2024, then-Electricity Minister Mohamed Shaker revealed a bold target to increase this figure to 58% by 2040. However, the new target reveals a shift in priorities as the country faces economic challenges and a growing reliance on natural gas.

Minister Badawi, during the opening of the Mediterranean Energy Conference 2024, urged the energy sector to collaborate on boosting natural resource discoveries and attracting new investments. “This is a call to action for all of us to work together, especially in the pursuit of new natural gas reserves, which hold vast untapped wealth,” he said.

Egypt’s ongoing dependence on fossil fuels is reflected in its recent struggles with foreign oil companies. The nation’s foreign oil operations slowed considerably due to a hard currency shortage that left Egypt with billions in unpaid bills to these firms.

The country has ramped up imports of high-sulphur fuel oil, with recent figures showing a spike to 255,000 barrels per day (bpd) in September, the highest level since 2016.