Egypt’s Minister of Petroleum Tarek El-Molla held several meetings on Monday to discuss the UN Climate Change Conference (COP27) preparations, energy transition, and current challenges facing global energy markets, on the sidelines of the World Economic Forum 2022 (WEF) in Davos.
El-Molla explained that these meetings came within the framework of the ongoing consultations between Egypt and major international institutions and organizations regarding preparation for the upcoming COP27.
El-Molla discussed with Roberto Boca, the Head of Shaping the Future of Energy and Materials at WEF, ways of cooperation with the forum, benefiting from its experiences and the possibility of organizing workshops and seminars in which international bodies interested in the energy industry, including investors, companies, financing institutions, specialized advisory offices, and financial institutions.
The two sides also discussed how to accelerate the transformation of energy and energy storage and analysis of risks in the energy industry, as well as available opportunities and investment tools.
The meeting touched upon a review of Egypt’s vital role as a regional gas hub and the developments of the existing cooperation under the umbrella of the Eastern Mediterranean Gas Forum, which the current global changes showed the importance of this region in contributing to the provision of natural gas supplies.
Furthermore, El-Molla also participated in the expanded workshop on ways to accelerate energy transition and provide financing for these projects, along with several energy ministers and prominent figures in the fields of energy, oil and gas industry and financing institutions, particularly the International Finance Corporation of the World Bank.
He also met with his Indonesian and Indian counterparts to review the distinguished experiences of their countries in the fields of emissions reduction and energy transformation.
He also held a session of bilateral talks with Fatih Birol, the Executive Director of the International Energy Agency, which dealt with developments in global energy markets and their repercussions on climate and energy, and Egypt’s preparations for organizing COP27.
During the talks, El-Molla and Birol stressed the importance of coordinating efforts internationally to provide investments and financing from financial institutions.
Birol emphasized providing all aspects of support to Egypt in organizing COP27 in November.