What does new energy do?

Then came the establishment of New Energy with its main branch in Cairo to include a car showroom and an after-sales service center that includes general maintenance, inspection, replacement and renewal of batteries and electrical components for electric vehicles in general.

Will Egypt reach 42% of its electricity mix by 2030?

Our Standards: The Thomson Reuters Trust Principles. Egypt is still aiming for renewable energy to reach 42% of its electricity generation mix by 2030, but that goal will be at risk without more international support, Prime Minister Mostafa Madbouly told the COP29 conference on Tuesday.

Who is new energy for trade and industry?

New Energy for Trade and Industry was established in 2019 and before that the company was named EV Motors from 2017 and was working on importing electric cars.

Does Egypt need natural gas?

The country has in recent years relied heavily on natural gas, which it defended during the United Nation's COP27 conference in 2022 as a "transitional fuel" at a time when it was a net exporter of gas. But last year, Egypt faced prolonged power outages as natural gas production was hit by financial constraints and declining local extraction.

What is Egypt's target share for renewables by 2040?

Shortly afterwards, however, Egypt's petroleum ministry said the target share for renewables was 40% by 2040, with the country maintaining a major reliance on natural gas.

Why is Egypt not meeting its cop29 goals?

In his COP29 address, Madbouly stuck to the original goal, but highlighted the challenges Egypt faces in meeting its climate ambitions, attributing them largely to insufficient international support. "Without the necessary backing, critical infrastructure improvements remain out of reach, placing our target at serious risk," he said.