Prime Minister Mostafa Madbouly announced in the weekly cabinet press conference on Thursday 22/8/2024 the launching of the country's first voluntary carbon market to promote green energy.

He revealed that the government has approved launching the first voluntary carbon market through the Financial Regulatory Authority.

Secondly, Madbouly officially announced that the government will adopt the National Low-Carbon Hydrogen Strategy.

The first of its kind in Egypt, the voluntary carbon market is a marketplace where entities can buy carbon credits voluntarily to offset their emissions by supporting projects that reduce or remove greenhouse gases, helping them meet environmental goals and enhance their sustainability efforts.

Madbouly also highlighted that more than 4 gigawatts of green energy will be added to the national grid by next year.

He noted that weekly meetings are held to discuss petroleum and energy matters, pointing out a meeting later Thursday with the Central Bank Governor and the Minister of Finance to ensure the needs of the state's electricity sector are met.

Furthermore, Madbouly addressed the government's plan to restore and increase the country's oil and natural gas production to previous levels and beyond.

He also stressed that the government is encouraging foreign investments in natural resources.

"While there is a substantial reserve of natural gas and oil, a shortage of US dollars to pay foreign partners caused a slowdown in production, necessitating imports," Madbouly explained.