November 6, 2024, Italy - Egyptian Minister of Electricity and Renewable Energy, Dr. Mahmoud Asmat, emphasized the importance of regional integration in addressing global energy challenges during the International Atomic Energy Agency's global energy integration meeting in Rome.
Dr. Asmat highlighted that the world is undergoing significant energy transitions due to climate change and rising energy demands. He noted that nuclear fusion presents a promising alternative to fossil fuels, offering a clean, safe, and virtually limitless energy source. Fusion reactors can produce four times more energy per kilogram than nuclear fission and four million times more than burning coal or oil, with no carbon emissions or waste.
The Egyptian government is committed to diversifying energy sources and achieving sustainable development, aiming for over 60% of its energy mix from renewable sources by 2040. The updated energy strategy includes significant investments in renewable energy, energy storage technologies, and green hydrogen.
Investment opportunities in Egypt's renewable energy sector have been bolstered by legislative reforms, including a new electricity law and incentives for private sector participation. Approximately 42,000 square kilometers have been allocated for renewable energy projects, with a potential capacity of 270 GW.
Competitive pricing has been achieved, with solar energy priced at 2 cents per kilowatt-hour and wind energy at 2.4 cents per kilowatt-hour. Egypt is also focusing on local manufacturing for wind and solar components and developing a national strategy for low-carbon hydrogen.
Dr. Asmat noted the importance of electrical interconnections with neighboring regions, facilitating energy exports. Current connections include links with Jordan, Libya, Sudan, and ongoing projects with Saudi Arabia. Egypt is also exploring connections with Europe, particularly Greece and Italy, positioning itself as an energy bridge between Africa and Europe.
In conclusion, Dr. Asmat acknowledged the role of public awareness and trust in enhancing support for nuclear fusion technology, expressing appreciation for the International Atomic Energy Agency's efforts in promoting discussions on nuclear fusion's role in the energy transition.