Inside COP27… A day full of major deals

“There is no time for us to save the earth,” a phrase as a slogan raised by all participants in the COP27 climate summit in the resort of Sharm El-Sheikh, Egypt.

The insistence shown by the sentence was translated by a state of momentum and extraordinary turnout to participate in the climate summit, as the number of participants over two official days exceeded more than 35,000 visitors, – an estimated number according to the organizer so far – and it is expected to reach about 44,000 at the end of the first week of the summit. .

The group of major deals concluded on the sidelines of the COP27 climate summit, in the field of clean energy, especially between the UAE, Egypt, Saudi Arabia and the Sultanate of Oman, translated into a new success for the Sharm el-Sheikh summit.

UAE and Egypt.. the largest global investment in wind energy

On Tuesday, the UAE and Egypt signed an agreement to establish one of the largest wind energy projects in Egypt, with a capacity of 10 gigawatts.

Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, and Egyptian President Abdel Fattah El-Sisi witnessed the signing of an agreement between Infinity Power, Hassan Allam Utilities and the Egyptian government, with the aim of developing a 10-gigawatt onshore wind energy project in Egypt, which is considered One of the largest wind energy projects in the world.

This announcement emphasized the “ambitious goals of both the UAE and Egypt in the field of renewable energy.”

The project contributes to the consolidation of the UAE’s Masdar as a global leader in the field of renewable energy, in addition to supporting Egypt’s goals in the field of climate neutrality, especially in light of Egypt’s current presidency of the Conference of the Parties (COP27).

Masdar is investing in a portfolio of renewable energy assets with a total value of more than $20 billion and a total capacity of more than 15 gigawatts.

capacity of the new plant

According to the agreement statement, the 10-gigawatt wind power plant, upon completion, will produce 47,790 gigawatt-hours of clean energy annually, and will contribute to avoiding the emission of 23.8 million tons of carbon dioxide, equivalent to approximately 9% of the current carbon dioxide emissions in Egypt.

Green Corridor Initiative

The new project between Abu Dhabi and Cairo comes within the framework of the “Green Corridor Initiative” in Egypt, which is a network dedicated to renewable energy projects, and will contribute to achieving Egypt’s goal of ensuring that renewable energy constitutes 42% of the energy mix by 2035.

The new gas station

The agreement concluded on the sidelines of the COP27 climate summit revealed that Egypt’s new onshore wind farm will save an estimated $5 billion in annual natural gas costs, in addition to creating up to 100,000 jobs.

Direct employment in the construction phase is estimated at about 30,000 people, and about 70,000 people will be employed indirectly, in addition to adding about 3,200 jobs for operation and maintenance after the completion of the station construction.

Previous projects between the Emirates and Egypt

Last April, “Masdar” and “Hassan Allam Utilities” signed two memorandums of understanding with institutions supported by the Egyptian government to cooperate in developing green hydrogen production plants with a capacity of 4 gigawatts in the Suez Canal Economic Zone and on the Mediterranean coast.

During the first phase of the project, a green hydrogen production facility will be built for operation by 2026, producing 100,000 tons of e-methanol per year for refueling in the Suez Canal.

The facility’s production can also be expanded to 4 gigawatts by 2030 to produce 2.3 million tons of green ammonia for export, in addition to providing green hydrogen to serve the local industry.

The Sultanate of Oman is on the green path

The Sultanate of Oman was also strongly present for clean energy projects to save the planet, as the Omani Investment Authority signed a memorandum of understanding with the Saudi company ACWA Power, to study the possibility of investing up to 10% in the development, construction and operation of the Suez wind power plant project.

The project has a production capacity of 1.1 gigawatts, and a cost of $1.5 billion.

The project is an embodiment of the commitment of the Sultanate of Oman and its pioneering role in reducing carbon emissions and limiting the negative effects of climate change, and based on cooperation and partnership with the Kingdom of Saudi Arabia and the Arab Republic of Egypt.

Hassan Allam Holding will own 25% of the project and 10% for the Omani Investment Authority, while ACWA Power owns the remaining 65% stake.

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