“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,” US President Biden told the audience at COP27. Biden added that this investment would help Egypt reduce greenhouse gas emissions by 10%
The energy pillar of NWFE has secured more than $250 million from the United States of America and Germany. The NWFE energy pillar includes the retirement of 5 GW of inefficient fossil-fuel capacity by 2025, leading to a substantial reduction in natural gas consumption and greenhouse gas emissions, estimated at around 17 million tonnes of CO2 per year.
During COP27, US president Biden also announced new initiatives aiming to tackle climate change. The US will be doubling its pledge to the Adaptation Fund to $100 million and also promised to deploy over $150 million in new support to accelerate the President’s Emergency Plan for Adaptation and Resilience (PREPARE) efforts across Africa.
This includes contributing $10 million to support the launch of a new adaptation center in Egypt named the Cairo Center for Learning and Excellence on Adaptation and Resilience which will build adaptation capacity across the African continent.
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