This came during the UN’s Summit of the Future held on 22-23 September in New York.

The term "global south" refers to developing economies in Asia, Africa, and Latin America, including BRICS nations. 

Al-Mashat pointed out that the shrinking financial space for energy investments hinders these countries' development efforts in line with UN sustainability goals.

She underscored the necessity of advancing the World Bank and the African Development Bank (AfDB) initiative to provide electricity to 300 million people across Africa by 2030.

Renewable energy in Africa and Egypt
 

Al-Mashat noted that Sub-Saharan Africa received only five energy investments in 2023, with total annual investments in renewable energy and infrastructure expansion amounting to about $20 billion — merely one-fifth of the $100 billion needed annually between 2024 and 2030. 

She explained that investment focuses on developed economies, with China creating a significant gap that hampers growth in developing countries.

In Egypt, efforts to transition to renewable energy involve several initiatives, including structural reforms and the launch of the NWFE programme, to support the country’s energy transformation under the National Climate Change Strategy (NCCS) 2050.

Under the NWFE programme, Egypt's planning ministry has secured financing agreements totalling $677 million with institutions, like the African Development Bank (AfDB), Agence Française de Développement (AFD), and the European Bank for Reconstruction and Development (EBRD).

The Ministry of Electricity and Renewable Energy aims to add up to 30 gigawatts (GW) of renewable energy to the national grid. 

In August, Egypt signed two agreements for a 200-megawatt (MW) wind farm in the Gulf of Suez area. 

Seven memoranda of understanding (MoUs) related to green hydrogen and renewable energy were also signed in February, with projected investments of $41 billion over the next decade.

Furthermore, the British company Globeleq plans to expand its investments in renewable energy in Egypt. In December 2023, Saudi developer ACWA Power signed an agreement to invest $4 billion in a green hydrogen project in the Suez Canal Economic Zone (SCZONE).