Biden Announces $500 Million Package to Finance Clean Energy in Egypt

Melanie Arter | November 11, 2022 | 12:42pm EST
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 President Joe Biden delivers a speech during the COP27 climate conference in Egypt's Red Sea resort city of Sharm el-Sheikh, on November 11, 2022. - Biden arrived at UN climate talks in Egypt today, armed with major domestic achievements against global warming but under pressure to do more for countries reeling from natural disasters (Photo by AHMAD GHARABLI/AFP via Getty Images)
President Joe Biden delivers a speech during the COP27 climate conference in Egypt's Red Sea resort city of Sharm el-Sheikh, on November 11, 2022. (Photo by AHMAD GHARABLI/AFP via Getty Images)

(CNSNews.com) – President Biden announced Friday that the United States alongside the EU and Germany will finance and facilitate Egypt’s clean energy transition for $500 million.

“I'm pleased to announce today, alongside the European Union and Germany, a $500 million package to finance and facilitate Egypt's transition to clean energy. This package will enable Egypt to deploy 10 gigawatts of renewable energy by 2030 while bringing offline 5 gigawatts of inefficient gas-powered facilities, reducing emission in Egypt and the power sector by 10 percent,” Biden said at the 27th Conference of the Parties to the UN Framework Convention on Climate Change (COP27) in Sharm El-Sheik, Egypt.

“We'll also work with Egypt to capture nearly 14 billion cubic meters of natural gas which currently flares, vents or leaks from its oil and gas operations, and because of this cooperation, Egypt is elevating its climate ambition and submitting enhanced national determination contributions,” he said.

“If we're going to win this fight, every major emitter nation needs to align with the 1.5 degrees. We can no longer plead ignorance to the consequences of our actions or continue to repeat our mistakes. Everyone has to keep accelerating our efforts throughout this decisive decade,” the president said. 

“My friends, I came to the presidency, determined to make the transformational changes that are needed, that America needs to make, and we have to do for the rest of the world to overcome decades of opposition and obstacles of progress in this issue alone, to re-establish the United States as a trustworthy committed global leader on climate,” Biden said.

The president also announced efforts to tackle emissions in the international shipping sector with the “green shipping challenge.” 

We're bringing together partners across the public and private sector and the philanthropic sectors, to put healthy ecosystems at the heart of healthy economies. This is, though, going to take all of us. It's going to take all of us. We need to harness our capacity to tackle emissions in economic sectors like international shipping. 

“If the shipping sector were a stand-alone economy, it would rank as the 10th largest emitter in the world. So, together, with Norway, the United States has launched a green shipping challenge. During this COP, we've seen dozens of commitments from governments as well as ports and private companies to facilitate green shipping corridors and align the sector with the 1.5 degree goal. 

If we can accelerate actions on these game-changers, we can reach our goal, we can keep it within reach as well, but to permanently bend the emissions curve, every nation has, needs to step up. At this gathering, we must renew and raise our climate ambitions. The United States is acting. Everyone has to act. It's a duty and responsibility of global leadership. 
 
Countries that are in a position to help should be supporting developing countries so they can make decisive climate decisions, facilitating their energy transitions, building a path to prosperity and compatible with our climate imperative. 

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