Egyptian workers installing a solar power panel. UNDP.
The updated NDC document revealed that Egypt plans to reduce GHG emissions from electricity generation, transmission and distribution by 37 percent by 2030.
This would represent an improvement over its previous target of 33 percent.
To achieve these goals, Egypt plans to decommission 12 fossil fuel power plants with a total capacity of 5 GW, replacing them with 10 GW of renewable energy built using private investments.
Egypt also moved up the date by which it plans to generate 42 percent of its energy from renewable sources to 2030, instead of 2035.
The updated contributions will require a minimum of $246 billion to implement, according to the released document.
The update is meant to secure additional funding, as per a declaration between Egypt, Germany and the US made during the 27th UN Climate Change Conference (COP27), according to Minister of International Cooperation Rania Al-Mashat on Sunday.
“[The updated contributions will] secure grants, debt swaps, concessional finance and catalyze private investments to support the energy pillar within the country-led platform of the Nexus of Water Food and Energy (NWFE)," Al-Mashat said.
Since COP27, and through the NWFE Platform, Egypt signed a debt swap for climate action with Germany to support the transmission grids.
Moreover, renewable energy projects with a capacity of 3,700 MW have been signed between Egypt's Ministry of Electricity and the private sector within the energy pillar.
Egypt has also taken steps to increase its renewable energy capacity, including establishing a new 500 MW wind farm in the Gulf of Suez, the 500 MW Abydos Solar Project in Aswan and the 500 MW Amunet wind energy project in Ras Ghareb.
On 6 June, Egypt signed an agreement with Emirati clean energy company Masdar to launch a wind power plant in Sohag with direct investments of $10 billion.