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According to the International Renewable Energy Agency, Egypt needs to more than double its investment in clean energy to push electricity generated from renewable sources to more than
50%.
Abu Dhabi-based IRENA said in a report on Tuesday that Egypt's clean energy investment needs to be raised to $6.
5 billion from the current $2.
5 billion per year to achieve a 53 percent
increase in clean energy generation by 2030.
As an oil importer in the Middle East, Egypt is promoting renewable energy to cut imports of fossil fuels
.
Egypt, the most populous Arab country, currently aims to produce 20% of its electricity
from clean energy by 2022.
"Egypt's renewable energy potential is huge and the government has now taken decisive steps to accelerate its deployment," IRENA Director-General Adnan Amin said
in a statement.
Egypt opened its first solar power plant
in March at the Benban Solar Park in southeastern Aswan governorate.
The government plans to generate up to 1.
8 GW of electricity from the 32 of the project, which will be completed next year at a cost of $2.
8 billion
.
According to IRENA, Egypt currently has a total installed capacity of 3.
7 GW of renewable energy, including 2.
8 GW of hydropower and about 0.
9 GW of solar and wind energy
.
According to the International Renewable Energy Agency, Egypt needs to more than double its investment in clean energy to push electricity generated from renewable sources to more than
50%.
Abu Dhabi-based IRENA said in a report on Tuesday that Egypt's clean energy investment needs to be raised to $6.
5 billion from the current $2.
5 billion per year to achieve a 53 percent
increase in clean energy generation by 2030.
As an oil importer in the Middle East, Egypt is promoting renewable energy to cut imports of fossil fuels
.
Egypt, the most populous Arab country, currently aims to produce 20% of its electricity
from clean energy by 2022.
"Egypt's renewable energy potential is huge and the government has now taken decisive steps to accelerate its deployment," IRENA Director-General Adnan Amin said
in a statement.
Egypt opened its first solar power plant
in March at the Benban Solar Park in southeastern Aswan governorate.
The government plans to generate up to 1.
8 GW of electricity from the 32 of the project, which will be completed next year at a cost of $2.
8 billion
.
According to IRENA, Egypt currently has a total installed capacity of 3.
7 GW of renewable energy, including 2.
8 GW of hydropower and about 0.
9 GW of solar and wind energy
.
