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First wind farm in Egypt to successfully transition from the UNFCCC’s Clean Development Mechanism (CDM) to Gold Standard - enabling the country to benefit from access to carbon finance to support renewable energy commitments
Press Release:
CAIRO, EGYPT and GENEVA, SWITZERLAND 14 MARCH, 2024 – 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 – are proud to announce the first wind energy project in Egypt to be successfully transitioned 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 MWhr, 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.” said 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 degrees Celsius.”
Media contacts:
ecosecurities
Rachel Mountain | rachel.mountain@ecosecurities.com | +44 7446733741
Ben Lynch | ben.lynch@ecosecurities.com | +44 7809292676
Notes to Editors:
About ecosecurities:
ecosecurities is a leading global climate solutions company that leverages the power of nature, technology and finance to help accelerate decarbonisation efforts around the world. With almost three decades of experience, the company has extensive capabilities in developing renewable energy, waste, nature and technology-based and community projects.
The company has deployed over $1 billion in climate finance and generated more than 400 million carbon credits across 700 projects in 45 countries. ecosecurities works closely with industry-leading standard setters, governance bodies and membership organisations to realize the full potential of high-integrity carbon markets across a variety of methodologies and protocols.
Headquartered in Switzerland, the company has a presence in 11 countries and has received strategic investment from SK and Shinan, Hartree Partners, and Sustainable Investment Management. Find out more at ecosecurities.com
About the RGWE project:
To learn more about RGWE’s registration, visit the Gold Standard Registry here: https://registry.goldstandard.org/projects/details/3652
To learn more about the Ras Ghareb Wind Energy Project , Egypt visit rgwe.co