Egypt Will Likely Sell Gas to Europe Due To $500 Million Deal

The U.S., Germany and the EU, and Egypt announced a deal Friday in which Egypt will eschew burning 5 GW of methane gas in exchange for a $500 million finance package enabling the country to build 10 GW of renewable energy generation capacity. Though not touted in the announcement, the deal will also likely result in Egypt selling the methane gas it doesn’t burn to Europe, which is desperate to find non-Russian sources of methane gas. At COP27, President Biden also said the U.S. would work with the COP27 host to reduce methane pollution by capturing gas currently flared, vented, or leaking from its gas operations. (Washington Post $, Politico Pro $, Climate Home, AP, Politico)