The US, the European Union and Germany will provide a package of $500 million to finance and facilitate Egypt's transition to clean energy, President Joe Biden announced in the Egyptian seaside resort of Sharm el-Sheikh where he attended the U.N. climate conference.

Biden said the investment would help Egypt reduce greenhouse gas emissions by 10%.

Biden also announced that they would work with Egypt to reduce green gas emissions through capturing ``nearly 14 billion cubic meters of natural gas, which Egypt currently flares, vents or leaks from its oil and gas operations.''

``Because of this cooperation, Egypt has elevated its climate ambition,'' Biden said, referring to the climate goals nations are required to submit to the United Nations in line with the Paris Agreement.

Egypt failed its previously-announced goal of producing 20% of its electricity from renewables and the country's now-revised goal is to reach 42% of electricity generated by renewables in 2035. The new package projects Egypt will now reach the goal five years early.

The Arab world's most populous country accounts for only 0.6% of global carbon dioxide emissions. But it is among the most vulnerable nations to climate change, especially rising sea levels which threatens the Nile Delta, the country's breadbasket.