A report by the International Renewable Energy Agency (IRENA) has said that Egypt has the potential to generate up to 53 percent of its total energy from renewable energy sources by 2035.

The report, titled "Horizons of Renewable Energy in Egypt," was released on the sidelines of Egypt’s first conference on renewable energy on Tuesday.

The report said that continued efforts to spread the use of renewable energy will reduce the energy bill by $900 million annually.

Renewable energy can save around a quarter of the total final energy supply in Egypt. However, reaching higher goals requires investments in renewable energy worth more than $6.5 billion annually instead of the current $2.5 billion, according to the report.

Egypt aims to generate 20 percent of its energy needs from renewable sources by 2022 and 42 percent by 2035.