His Excellency Tarek Al-Mulla, Minister of Petroleum and Mineral Resources of the Arab Republic of Egypt, revealed the finalization of an agreement aimed at creating a comprehensive roadmap for reducing methane emissions in Egypt’s oil and gas sector. This collaborative effort involves technical support from the United States Trade and Development Agency (USTDA), with the signing of the agreement set to take place during the ongoing COP28 climate conference.
Speaking on the sidelines of COP28 at Expo Dubai, Minister Al-Mulla emphasized Egypt’s commitment to the decarbonization journey, a trajectory initiated during the country’s hosting of the preceding COP27 climate summit in Sharm El-Sheikh. He lauded the UAE’s role in presiding over the current summit, describing it as an “executive summit.”
The Minister highlighted approved projects in the green hydrogen sector, developed in collaboration with the Norwegian company SCATEC. These initiatives aim to propel Egypt into a regional hub for hydrogen and green fuels. Al-Mulla shared recent milestones, including Vertiglobe’s announcement of the world’s first shipment of green ammonia, produced in Egypt, and the inaugural operation to supply ships with green methanol in the Middle East at East Port Said Port.
Expressing support for COP28 initiatives, Minister Al-Mulla emphasized Egypt’s commitment to the climate cause. He underscored the significance of international commitments and showcased Egypt’s dedication through its hydrogen strategy, the establishment of the Supreme Council for Hydrogen, and updates to the Energy Strategy 2040. Forecasts suggest that Egypt’s low-carbon hydrogen economy could contribute around $18 billion to the country’s GDP and create 100,000 job opportunities by 2040. Egypt aspires to secure 8% of the global hydrogen market during the same period.
Calling on participating countries to intensify efforts against climate change, Minister Al-Mulla urged support for the “just transition” program, particularly emphasizing financial and technical assistance for developing nations, especially in Africa.
The Minister highlighted the active participation of international energy companies at COP28, showcasing voluntary commitments to adhere to production, quality, and distribution standards for achieving zero carbon emissions. He noted that energy companies at Expo Dubai’s Climate Summit are presenting their products to a greater extent than in previous editions.
Minister Al-Mulla outlined Egypt’s government initiatives to mitigate climate change impacts, adapt to its effects, and leverage the global momentum to reduce methane emissions. This reduction is a pivotal component of the carbon reduction strategy in Egypt’s petroleum sector, aligned with the World Bank initiative to eliminate routine burning of torch gases by 2030. The oil and gas sector’s success in implementing 30 projects to reduce routine burning of torch gases, resulting in significant cost savings and emissions reduction, was emphasized. Two campaigns measuring methane emissions at over 30 production sites were also completed in collaboration with the European Bank for Reconstruction and Development (EBRD).
