Egypt, host of COP27, takes a step toward green energy - BusinessMirror

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Egypt, host of COP27, takes a step toward green energy - BusinessMirror
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From a distance, the endless landscape of solar panels stretching toward the horizon can easily be mistaken for crops nearing harvest. Know more:

BENBAN, Egypt—From a distance, the endless landscape of solar panels stretching toward the horizon can easily be mistaken for crops nearing harvest. But here in the desert in southern Egypt, workers have been cultivating another precious commodity: electricity.

Yet it is also a developing country and like many others faces obstacles in making the switch. Much of its infrastructure depends on fossil fuels to power the nation of some 104 million people. There’s less demand for solar energy, partly due to the influx of natural gas, thanks to new discoveries located in Egypt’s section of the Mediterranean Sea.

Its use of natural gas has also helped, allowing Egypt to move away from burning coal and oil, much dirtier industries—but nevertheless, gas is still a fossil fuel. Egypt may also have less of an incentive to invest in renewables as it grapples with domestic challenges, including an economic crisis brought on by the coronavirus pandemic, Russia’s war in Ukraine and a years-long government crackdown on dissent. Last month, Cairo reached a preliminary deal with the International Monetary Fund that would allow access to a $3 billion loan.

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