Caretaker Minister of Energy and Water Walid Fayyad participated with the official Lebanese delegation headed by Prime Minister Najib Mikati in the activities of the COP28 climate summit in Dubai.
Minister Fayyad considered that “the energy file in Lebanon is a fundamental file at the level of the economy, and the issue of energy transformation is an integral part of the process of advancing the energy sector in Lebanon, as this process is based on switching from fuel to less polluting gas, and at the same time moving to renewable energy.”
The Minister considered that Lebanon has made great strides in the renewable energy sector and in reducing emissions when we lifted fuel subsidies and restructured the price of electricity, which resulted in an increase in investments in the renewable energy sector, which has become feasible.
“Lebanon has become a pioneer in relying on renewable energy, with production exceeding one thousand megawatts, representing about 15 to 20% of consumption,” Fayyad indicated.
He called on the international community, especially the economically developed countries that have benefited from this progress, which came at the expense of climate change “to play a major role in financing the Loss and Compensation Fund, which will contribute to addressing the negative impacts to which developing countries are exposed.”
He concluded: “Lebanon is in dire need of investments in the renewable energy sector … in order to continue building a financially sustainable and environmentally sustainable energy sector in Lebanon.”