Page 11 - AsiaElec Week 47 2022
P. 11
AsiaElec RENEWABLES AsiaElec
AIIB to invest $10bn in Egypt’s
renewables sector
CHINA THE Asian Infrastructure Investment Bank capacity by 2025, leading to a substantial reduc-
(AIIB) joined development partners at the tion in natural gas consumption and greenhouse
COP27 conference in Sharm el-Sheikh in gas emissions, estimated at around 17mn tons of
signing a partnership agreement with Egypt CO2 per year.
to jointly support the country’s efforts to boost AIIB already has a project-financing pipe-
renewable energy and stimulate climate action line exceeding $1bn for Egypt. It is supporting
through its country-led Nexus on Water, Food Egypt’s plans to enhance its Nationally Deter-
and Energy (NWFE) programme, AIIB said in mined Contribution by committing to quadru-
a press release. pling its installed renewables capacity share to
AIIB has committed to contributing to the 42% by 2030. It has also committed to expand-
implementation of the NWFE Energy Pillar, ing the use of zero-emission vehicles, sustainable
which is expected to mobilise at least $10bn in public transport and other solutions for reducing
investments for the installation of 10GW of solar greenhouse gas emissions from transport.
and wind energy by 2028. The initiative includes
the retirement of 5GW of inefficient fossil fuel
Week 47 22•November•2022 www. NEWSBASE .com P11
