File Photo: Workers walk between photovoltaic panels at the Benban plant in Aswan, Egypt taken on November 17, 2019 . REUTERS
Egypt has advanced from 26th place, in 2020, to the 20th among the world’s top 40 markets in the Renewable Energy Country Attractiveness Index (RECAI) for 2021, which was released on Monday.
The index issued by the London-based Ernst & Young Global Limited (EY), a multinational professional services network.
The US and China maintained their top rankings, as East Asia emerges as a high potential investment destination for renewable energy businesses, according to the index.
Under its 2030 vision, Egypt plans to increase the supply of electricity generated from renewable sources to 20 percent by 2022 and up to 42 percent by 2035, with wind providing 14 percent, hydro power 2 percent, photovoltaic (PV) 22 percent, and concentrated solar power (CSP) 3 percent by 2035.
The private sector is set to play a major role in delivering most of this capacity.
Egypt is already in a position which enables the country to lead in the transition to renewable energy, US Special Presidential Envoy for Climate John Kerry said on Wednesday following talks with Egypt’s Foreign Minister Sameh Shoukry at the Foreign Ministry's headquarter.
He added that the country has chances for becoming a leader in solar and renewable energies worldwide.