Egypt’s Minister of Electricity and Renewable Energy, Dr Mohamed Shaker, said recently that the country has set a target of a 60% share of electricity generation from renewable sources by 2040, an update to its previous target of 42% by 2030.

Shaker explained that the change in the country's renewable energy generation target is due to the higher availability and lower cost of wind and photovoltaic resources in Egypt. He also noted that renewable energy projects developed in Egypt have not been affected by the global dollar crisis, as investors in the sector usually invest in dollars.

Shaker pointed out that electricity from renewable sources such as photovoltaic plants or wind farms will be lower in the coming years compared to conventional power plants that rely on fossil fuels. He added that cheap electricity prices for photovoltaics and wind power are considered one of the most important measures to stimulate investment in the sector.

All in all, Egypt is committed to developing renewable energy and is taking steps to make it a reality. While this goal set by the country is ambitious, it can be achieved with the right policies and investments.