Scatec at COP27: “We need a massive scale up of renewable energy solutions across technologies.”

Sharm El Sheikh, Egypt, 8 November 2022: This week, Scatec ASA, a leading renewable energy company in emerging markets, is participating in the UN Climate Change Conference in Egypt (COP27), where the company will highlight renewable energy as one of the undisputed solutions to climate change and reinforce its key message that more green energy investment is essential for emerging markets.

COP27 offers an opportunity for the world to strengthen the commitments made to save the planet from catastrophic outcomes due to global warming. Scatec backs climate change experts in the sentiment that “there is no time to lose”, a key theme in this year’s COP agenda, in which there will be a push to move from pledges to implementation and for global commitments to start reaching fruition.

“We are at COP27 to highlight the key role renewable energy, including green hydrogen, must play in our energy future, especially in emerging markets,” says Scatec CEO Terje Pilskog. “If the world is to succeed in meeting our global climate targets, we need a massive scale up of renewable energy solutions across technologies.”

Scatec is on a mission to scale renewable energy solutions in Africa

“At Scatec, we are discussing innovative green financing solutions to attract more green investments to emerging markets, as well as EU-Africa partnerships to finance clean energy solutions. We are also looking into the role of national governments to help attract more investments and to help bridge the financing gap,” Pilskog adds.

Scatec has an active presence in Africa, and together with its partners Scatec started the commissioning of the first phase of the green hydrogen plant in Ain Sokhna, Egypt during COP27. Read more here.

In addition, Scatec signed a memorandum of understanding with the Egyptian Electricity Transmission Company and the Egyptian New and Renewable Energy Authority for the future development of a portfolio of up to 5 GW of wind projects, a further testimony to Scatec’s track record of early-stage development activities, commitment, and presence in this focus market.

Scatec CEO participates in COP27 panel discussions

Scatec’s CEO participated in several roundtables and panels during COP27, including the roundtable on “Investing in the Future of Energy: Green Hydrogen”, as well as a panel on how the public and private sector can accelerate climate action in Latin America and the Caribbean. During these sessions, he highlighted how to scale climate solutions in emerging markets through climate financing and Scatec’s projects and opportunities in Brazil.

Pilskog also spoke on a panel organised by the Norwegian-African Business Association on “Leapfrogging fossil fuels – pipe-dream or generational opportunity for Africa”.

Find out more about the key talking points and concrete actions that Scatec proposed at COP27 here.

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