Distinguished representatives from key ministries—Petroleum and Mineral Resources and Electricity and Renewable Energy—along with officials from the Ministry of Foreign Affairs, international and national corporations in the petroleum and energy sectors, and various stakeholders including development organizations, financial institutions, banks, research centres, as well as academics, experts, and consultants participated in the dialogue.
This session underscores the collaborative efforts aimed at advancing sustainable energy initiatives and addressing the critical aspect of financing in the journey towards energy transition.
During the session, participants were engaged in discussions about current and potential opportunities, exchanged insights, and emphasized the criteria set by banks, donors, and international financial institutions for supporting green investments and funding sustainable energy projects, including mega projects focused on energy transition.
"It is expected that emissions will be mostly attributed to emerging and developing economies unless prompt action is taken to facilitate a greener energy transition,” said Hossam Allam, regional director of sustainable growth at CEDARE, highlighting this critical issue.
“Therefore, international bodies have recommended the necessity to augment financial flows to low-income countries. Hesitation in energy transition within emerging and developing economies poses a significant obstacle to global efforts addressing climate change and represents a real threat to achieving sustainable development goals,” he noted.
"As energy transition is a national mandate in mitigating climate change and takes precedence on the Egyptian agenda, we at CEDARE, in collaboration with our partners in FES, are jointly focused on establishing common ground among all stakeholders— the energy sector, donors, and financial institutions,” he added.
This collaborative effort aims to facilitate a seamless and steady energy transition in Egypt, Allam stated.
"We are committed to addressing the challenges within the financing sector of energy transition,” Nouran El-Marsafy, program manager at Friedrich-Ebert-Stiftung’s office in Egypt, expressed.
She indicated that the participants engaged in an insightful discussion on financing mechanisms and the role of donors and banks in catalyzing and identifying suitable people and projects, efficiently working towards the locally and globally sought goals.
El-Marsafy underlined that "Dialogue is an effective tool for trying to find solutions and identify interventions and mechanisms. Friedrich-Ebert Stiftung, in cooperation with CEDARE and all development partners, always seeks to address the most pressing topics and create a successful dialogue around them."
Meanwhile, Samir El-Kareish, energy transition and sustainability consultant and moderator of the dialogue sessions, pointed out that “global warming is currently one of the most prominent threats to communities and ecosystems; the world must decisively reduce carbon dioxide emissions to almost net zero by 2050, which requires allocating extensive investments to achieve this target from a technical perspective."
“Countries must be committed to a firm transition to clean, renewable energy at large; therefore, massive clean electrification must be at the core of decarbonisation pathways, combined with a range of complementary technologies, including clean hydrogen, sustainable bioenergy, and carbon capture and storage," El-Kareish added.