Global Courant 2023-05-09 23:03:23
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On May 9, 2023, the Embassy of Sweden, which holds the Presidency of the Council of the European Union, and the Delegation of the European Union in Egypt organized an event focused on energy interconnectivity between Europe and Egypt.
The event started with words of welcome from Ambassador Håkan Emsgård, Ambassador of Sweden to Egypt, and Ambassador Christian Berger, Ambassador of the European Union Delegation to Egypt, as well as by HE Minister Rania El Mashat, Minister of International Cooperation, HE Minister Tarek El Molla, Minister of Petroleum and Natural Resources. It was followed by panel discussions with European and Egyptian policy makers and industry representatives, including Ms Gelsomina Vigliotti, Vice President of the European Investment Bank (EIB) in Luxembourg. The panels highlighted policies, priorities and financial instruments to support the energy transition and linking Europe and Egypt in this area.
“The demand for sustainable energy is increasing in Europe. Egypt is well positioned to provide such energy. Connecting Egypt and Europe is therefore obvious. This will benefit both Egypt’s and Europe’s economy, but it will also benefit the climate as the energy can be used in a more efficient and sustainable way,” said Ambassador Håkan Emsgård, Ambassador of Sweden to Egypt
During his remarks, Ambassador Christian Berger, Head of the European Union Delegation to Egypt, said:The EU has vast knowledge to share and we have the resources to help, as the world’s largest donor of climate finance, channeling over 40% of global public climate money through our Member States. In many countries, we use technical support, investment grants, capacity building and guarantees to manage risk and attract private investment.
Berger added: “If we are to achieve a Green Deal for Europe, making the EU the model for a just and sustainable transition, we must have the legitimacy to exert pressure and help others do the same. Then we can really influence the future of our world.”
Engineer Tarek El Molla, Minister of Petroleum and Mineral Resources, emphasized in his speech that the European Union is one of the most prominent partners of the Egyptian energy sector and has always played an important and active role in various oil and gas activities in Egypt, insisting noting that since the signing in 2018 of an MOU for strategic energy cooperation between Egypt and the European Union, the two sides have enjoyed a fruitful long-term relationship and the European Union has become Egypt’s largest trading partner.
Minister El Molla added: “The geopolitical tensions and fluctuations in the energy market that the world is currently witnessing motivate countries to further diversify their energy sources to achieve energy security, highlighting that energy security and energy neutrality are complementary goals and that the vision of Egypt is to play a key role in the flow of global energy trade and promote a Better Business Link environment to ensure continued cooperation and that Egypt has proven that it holds the keys to becoming a regional hub for gas and oil due to its strategic location, an established energy industry and a strong infrastructure that helps to capitalize on all the opportunities in the Eastern Mediterranean.”
Dr. For her part, Rania Al-Mashat, Minister of International Cooperation, said: “Our relationship is historic and close with the European Union, and in light of the country’s priorities and its 2035 Sustainable Energy Strategy, strengthening partnerships in the renewable energy, green hydrogen and achieving interconnection is a priority right now, based on Egypt’s great potential and its quest to drive green transformation and expansion of renewables. At the cop27 climate conference, we witnessed the signing of the agreements of the “Nowafi” program, which promotes green investments in water, food and energy, as well as the Mediterranean Hydrogen Partnership financed by a European grant, and many agreements that reflect Egypt’s commitment to move from commitment to implementation.”
The first panel “Interconnectivity: Financing Renewable Energy” focused on renewable energy, green hydrogen and electricity interconnections. The second panel “Working together to solve the energy crisis” was about finding ways and solutions for Europe and Egypt to work together to solve the energy crisis.
In the margins of the event, the EIB and ALEXBANK signed a loan agreement under the first Green Economy Finance Facility (GEFF) co-financed by the EU.
Distributed by APO Group on behalf of the European Union Delegation in Egypt.
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