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$1 Billion To Be Invested in Egypt's Renewable Energy

Green Climate Fund will be contributing $1 billion to Egypt's renewable energy drive in an effort to increase the country's use of renewable resources in electricity.

Recently, the Green Climate Fund announced that it will be contributing $1 billion in Egypt’s renewable energy drive next month. The energy project is meant to increase the use of wind, hydro, and solar power in Egypt, Climate Change News reports. The drive is the biggest project Green Climate Fund has bankrolled so far and will be implemented by the European Bank for Reconstruction and Development (EBRD).

The EBRD will also be contributing with a $2.3 million grant as well as $350 million worth of loans. The renewable energy drive is meant to implement the Egyptian government’s goal of generating 20 percent of electricity from renewable energy sources by the year 2020. 

Additionally, the EBRD plans to dedicate 40 percent of its funds to the green economy by 2020.