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RGWE and ecosecurities register wind energy project in Egypt with Gold Standard

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Energy Global,

ecosecurities, a leading global climate solutions company that leverages the power of nature, technology, and finance to help accelerate decarbonisation efforts, and Ras Ghareb Wind Energy S.A.E. (RGWE) – a special purpose joint venture comprising of Engie, Toyota-Tsusho, Eurus Energy, and Orascom Construction – have announced the first wind energy project in Egypt to transition from the UNFCCC’s Clean Development Mechanism (CDM) to the Gold Standard (Methodology ACM0002).

Located on the Gulf of Suez, Egypt, RGWE boasts an installed capacity exceeding 260 MW. Construction commenced in 2018, reaching full capacity in December 2019 and has since been supplying clean electricity to approximately 500 000 Egyptian households. In 2022 alone, the wind farm generated 1 257 502 MWh, resulting in the issuance of over 1 million carbon credits for the period December 2020 – July 2022.

Egypt's ambitious renewable energy goals align with its Integrated Sustainable Energy Strategy, targeting 42% of electricity generation from renewables by 2035. Additionally, the government aims to reduce emissions by 37% in the electricity sector, where fossil fuel-derived energy currently accounts for 90% of power generation on the grid. The Egyptian government has also set its sights on becoming a key global player in the green hydrogen sector thanks to abundant renewable energy resources including lots of sun and wind – essential feedstock in the production and potential export of green hydrogen.

Anthony Watson, CEO of Ras Ghareb Wind Energy, stated: “I’d like to congratulate all the parties involved in successfully registering this project with the Gold Standard and it’s fantastic to receive our first issuance of 1 million carbon credits.”

“It's fantastic to partner with RGWE to successfully register this project with Gold Standard. We're proud to contribute our technical knowledge and market expertise, enabling this fantastic wind energy project to benefit from carbon financing. Egypt's potential as a global provider of clean energy is vast, but accessing sustainable finance is crucial. Carbon and climate finance more broadly plays a pivotal role in helping to level the playing field for renewable energy projects, especially in countries such as Egypt that typically find it more difficult to attract investment compared to more advanced economies.” added Pablo Fernandez, CEO, ecosecurities.

“Projects like RGWE are also aligned with the recently published guidance from the Science Based Targets initiative (SBTi) to support Beyond Value Chain Mitigation targets. Corporates need to be looking at acquiring credits from high integrity greenhouse gas mitigation projects like RGWE’s to help accelerate their global net-zero transformation - going above and beyond their own science-based targets if we are to limit global warming to 1.5°C.”

 

 

For more news and technical articles from the global renewable industry, read the latest issue of Energy Global magazine.

Energy Global's Spring 2024 issue

The Spring 2024 issue of Energy Global starts with a guest comment from Field on how battery storage sites can serve as a viable solution to curtailed energy, before moving on to a regional report from Théodore Reed-Martin, Editorial Assistant, Energy Global, looking at the state of renewables in Europe. This issue also hosts an array of technical articles on electrical infrastructure, turbine and blade monitoring, battery storage technology, coatings, and more.

Read the article online at: https://www.energyglobal.com/wind/14032024/rgwe-and-ecosecurities-register-wind-energy-project-in-egypt-with-gold-standard/

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