Egypt invests more than $1 billion in green projects ahead of COP27
Egypt is expanding its implementation of green projects ahead of hosting the 2022 UN Climate Change Conference.
CAIRO — Egyptian Petroleum Minister Tarek el-Molla has recently announced that plans are underway to implement three green petrochemical projects with a total value of $1.2 billion.
In a press statement on May 4, Molla explained that the three projects include a $600 million biofuel production plant with a production capacity of 350,000 tons of biofuels from algae oil per year, expected to cut CO2 emissions by up to 1.2 million tons annually.
The second project consists of a biodegradable plastic factory with a production capacity of 75,000 tons, with investments amounting to $600 million and an annual reduction of 45,000 tons of CO2 emissions.
The third project is a $50 million recycling project that would see used plastic converted into 30,000 tons of oil annually to make polyethylene, Molla said, adding that the project will cut CO2 emissions by 63,000 tons annually.
