Israel can make do without Egyptian gas, but with cost

Speeding up Tamar development process and introducing alternative energy solutions are possible answers to energy sustainability.

Talkbacks (2)   If Egypt were to decide to cut off the supply of natural gas to Israel in the near future, the country would be adequately prepared to survive on its own energy resources – although not necessarily without reverting to an increase in fossil fuel consumption, according to regional experts.

In 2010, 36 percent of Israel’s power generation supply was fueled by natural gas, 62% by coal, 2% by oil and only 0.1% by renewables, said Dr. Amit Mor, CEO and energy specialist at the Eco Energy consulting firm. Of the 5.1 billion cubic meters of natural gas, approximately two-fifths came from the Egyptian East Mediterranean Gas (EMG) pipeline, with the rest coming from Israel’s own depleting Mari-B field, off the coast of Ashkelon.

workshop titled "Sustainable Finance" at this week's Euromoney Conference

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At a workshop titled "Sustainable Finance" at this week's Euromoney Conference, panelists discussed ways to foster sustainable corporate businesses and economies, raising questions about Egypt's readiness to take the initiative to benefit from the opportunity presented by renewable energy.

Representing the rise of responsible industry, Giorgio Boda, CEO of ASEC Cement, said that cement being a "heavy industry" in its severe environmental impacts, it is crucial to control its affects.

"ASEC wanted to become a regional player and to do that it had to be competitive in all aspects, one of these is aspects is sustainability," said Boda, adding that using technology that minimizes the impact on the environment also improved their relationships with stakeholders.

"Actually, this direction makes ... life much easier; we comply with the best standards so we can have cement plants running for longer periods," said Boda. Energy consumption must also be improved, given the harmful effects of CO2 emissions and greenhouse gasses.

Boda did not specify whether the company calculates its carbon footprint or whether it offsets carbon emissions, a common practice of many environmentally-conscious firms.