The Role of Green growth in Supporting Egypt's Energy Sector: Challenges and Solutions

Economic growth based on the exploitation of environmental resources is no longer appropriate for most countries of the world, especially in light of energy crises, the growing increase in the world's population, and the expansion and diversification of economic activities, which is causing environmental resource degradation and, in turn affecting needs. Consequently, the world has moved towards sustainable economic growth that does not cause environmental harm and is not affected by depletion of natural resources. Accordingly, the United Nations has provided an innovative model called "green growth" as a solution to economic crises and market failure, promoting low-carbon growth and making effective use of natural resources.
            This study addresses the role of green growth in supporting Egypt's energy sector with the launch of Vision Egypt 2030, which aims to achieve sustainable development through the application of green growth systems and the expansion of investment in new and renewable energies. Egypt has implemented several legislative policies to reform the energy subsidy system in order to eliminate market distortions, ease pressure on the state budget, reduce unsustainable fiscal spending, in addition to announce regulatory policies to encourage effective energy use, reduce waste, and innovate in green technology while providing opportunities for private sector participation at local, regional and international levels.
The study depends on the descriptive and analytical approach to present the most important challenges to green growth, and analyzing strategies and policies to move towards green growth in the energy sector, in order to draw out some recommendations that could help in the transition to green growth.
The study concludes that this transition requires funding, with the restructuring of existing industries to make them less environmentally. In addition, there is a need to coordinate all stimulus policies to support the private sector, and put restrictions and impose a "carbon tariff" on imported products that generate carbon dioxide above a certain level during the production process. Moreover, this will encourage the domestic products to achieve competitiveness, as well as will extend government credit guarantees to renewable energy-dependent industries to move towards green growth and encourage green growth, and increase the demand for green bonds. In addition, it is recommended to strength regional cooperation on environmental and climate change issues and achieve international partnerships to invest in improving the quality of energy grids. Socially, it is important to integrate awareness of green growth and develop the education system to be in line with the new trend, and to be part of the general culture among the society.
This paper consists of four parts, other than the introduction and conclusion, in which it reviews green growth literature review and policies and the impact on Egypt's energy sector, addresses Egypt's energy types, strategies that support the economy's ability to transition gradually, and finally it clarifies the most important challenges to implementation and possible solutions to green growth.