Tarek El Molla, Minister of Petroleum and Mineral Resources, emphasized the current importance of focusing on reducing emissions from energy production and usage in light of the global drive to address climate change.

He highlighted the petroleum and gas industry's commitment to carbon neutrality and the energy transition, noting that the world will continue to consume various energy sources, including petroleum and gas, for an extended period to achieve sustainable economic development and meet people's needs.

These remarks were made by the minister during a meeting organized by the Climate Directors Association (Chapter Zero Egypt), attended by Dr. Yasmine Fouad, Minister of Environment, and the European Union Ambassador to Cairo.

The meeting marked the association's launch as the first entity bringing together the public and private sectors with the aim of raising awareness among corporate boards about climate change opportunities and challenges, in collaboration with the European Bank for Reconstruction and Development (EBRD) and the Climate Governance Initiative (CGI).

El Molla further stated that energy transition is a priority, but it must be pursued through a realistic, fair, and balanced approach since there is no one-size-fits-all solution for all countries. Different methods should be implemented according to each country's or geographic region's circumstances.

The minister emphasized that the volatility in the global energy sector necessitates the pooling and integration of resources and efforts from both the public and private sectors to support and finance long-term strategies for achieving the global direction of providing clean energy resources and mitigating the impacts of climate change.

El Molla highlighted the efforts of the Ministry of Petroleum and Mineral Resources during the COP27 Climate Summit in Sharm El-Sheikh and its successful hosting of the Carbon Removal Day for the first time during the climate conferences, which placed the petroleum and gas industry on the discussion table and showcased its efforts to achieve carbon neutrality and reduce emissions as part of the solution to combat climate change.

In this context, he mentioned the positive outcomes of the Carbon Removal Day at the climate summit, including the announcement of a roadmap to reduce methane emissions and the East Mediterranean Forum's carbon removal initiative. The ministry also signed memorandums of understanding with international companies to reduce emissions and facilitate the energy transition.

El Molla affirmed that forging multi-faceted partnerships between governments and the public and private sectors, as well as diversifying technology, is the key to achieving success in the energy transition.

Egypt's commitment to addressing climate change and achieving carbon neutrality is a significant step toward sustainable development and a greener future.

The collaboration between the government, private sector, and international institutions demonstrates Egypt's dedication to mitigating climate change impacts and transitioning to clean energy sources. By actively participating in global climate conferences and implementing effective strategies, Egypt is playing a vital role in shaping the future of energy.