Egypt will forgo burning 5 GW of methane gas in return for a $500 million financing package that would allow the country to develop 10 GW of renewable energy generation capacity, according to a deal that the U.S., Germany, and the EU, as well as Egypt, announced on Friday.
Although it wasn’t mentioned in the release, the agreement will probably lead to Egypt selling the methane gas it doesn’t use to Europe, which is scrambling to locate suppliers of methane gas other than Russia.
The United States would cooperate with Egypt to minimize methane pollution by absorbing gas that is now flared, vented, or seeping from its gas activities, President Biden added at COP27.
According to The Washington Post:
The statement on Friday comes as Egypt announces new climate goals, which, according to the White House, include a pledge to double the nation’s proportion of renewable energy in the power sector to 42 percent by 2030.
The U.S.’s contribution to global warming is welcome news. President Biden arrived to COP27 today, according to a statement from Germany’s climate envoy Jennifer Morgan. One of our closest allies, the U.S., and we are collaborating closely to address the climate issue With the deal reached today, Egypt and we will work together to advance toward a more sustainable future.
Biden stressed during his remarks at COP27 that every major emitter country needed to support the objective of keeping Earth’s warming to 1.5 degrees Celsius (2.7 degrees Fahrenheit) over preindustrial levels.