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US, Europe pledge $500 million at COP27 for clean energy transition in Egypt

As COP27 continues in Egypt's Sharm el-Sheikh, dozens of countries have announced investments in climate-related projects including a $500 million package to help Egypt decarbonize.

CAIRO — In his Nov. 11 speech at the 2022 United Nations Climate Change Conference (COP27) in Egypt’s Red Sea resort city of Sharm El-Sheikh, US President Joe Biden announced that his country will contribute along with the European Union and Germany to a $500 million pledge to finance Egypt's transition to clean energy

The financing package, Biden said, “will enable Egypt to deploy 10 gigawatts of renewable energy by 2030, while bringing offline 5 gigawatts of inefficient gas-powered facilities, reducing emissions in Egypt and [the] power sector by 10%.”

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