Egypt received $5.9bn from 2010-23
Report from IAE and other agencies
World renewables financing totals $222bn
Egypt was among the top regional recipients of international finance for renewables projects between 2010 and 2023 as flows in the Western Asia and Northern Africa region rose by 12 percent, the International Energy Agency said in a joint report with other agencies.
Egypt attracted a cumulative $5.9 billion in renewables financing between 2010-23 while Morocco received $5.6 billion, according to a report published on Wednesday. However, Egypt’s global rank dropped from third place in 2022 to 23rd in 2023.
The report was released by the agencies overseeing the UN’s Sustainable Development Goal 7, which calls for “affordable, reliable, sustainable and modern energy for all” by 2030.
Western Asia and Northern Africa, which groups 26 countries, attracted a cumulative $27.8 billion out of a world total of $222.4 billion, the study said.
Financial flows to Western Asia and Northern Africa rose 32 percent year on year to $2.7 billion in 2023, with solar taking a 40 percent share of the total and wind 17 percent. Egypt, Turkey, Tunisia and Morocco were the top four recipients in the region.
Iraq, Syria and Sudan were among the region’s lowest recipients with less than 10 US cents per capita in 2023. Yemen received the least, less than a tenth of a cent per capita.
Saudi Arabia, ranked among the top 20 energy-consuming countries, more than doubled its share of renewable power year on year in 2022, but that share was just 0.15 percent of the country’s total energy consumption.
Between 2021 and 2023, the increase in renewables capacity helped boost electrification in Western Asia and Northern Africa to 10.3 million people, when the annual population increase was 8.2 million.
Higher levels of funding coincided with greater growth in renewables-generating capacity, which more than doubled 181 watts per capita in 2023 from 2013, while globally it grew by 120 percent to 478 watts per capita, the report said.
