Egypt Lowers 2040 Renewable Energy Target to From 58% to 40%

Egypt has revised its renewable energy target for 2040, lowering it from 58% to 40%. Originally, Egypt had aimed for 42% of its energy to come from renewable sources by 2035, later adjusting that goal to 2030. In June 2024, a more ambitious target of 58% by 2040 was proposed by a former electricity minister, but the new plan reaffirms the country's shift towards natural gas.

At the Mediterranean Energy Conference 2024, experts stressed the need for further exploration and investment in Egypt’s natural gas resources. Efforts to secure new discoveries and attract investment through exploration bids are considered crucial to meeting future energy demands.

One key player, Italy’s Eni, plans to drill new wells in Egypt’s Zohr gas field in early 2025. Zohr’s output, which peaked at 3.2 billion cubic feet per day (bcf/d) in 2019, had declined to 1.9 bcf/d by early 2024, leading to increased gas imports and liquefied natural gas shipments.

Since 2022, over 40,000 square kilometers have been designated for energy projects, including the Faris and Benban power stations and various solar and wind farms. Ongoing renewable energy initiatives include wind plants in the Gulf of Suez and a solar power plant in Nagaa Hammadi, Qena.