- Investments will focus on leveraging Egypt’s renewable energy resources for hydrogen generation.
Egypt has launched its National Low-Carbon Hydrogen Strategy, which has set a target to capture between 5 and 8 percent of the global tradeable hydrogen market by 2040, which would increase the country’s GDP by between US$10 billion and US$18 billion.
A report prepared by the London-based consultancy Advisian, with financing from the European Bank for Reconstruction and Development, suggested that Egypt will need $60 billion of investment to maintain full market implementation by the 2040s.
It also predicted that a thriving low-carbon hydrogen sector could create 100,000 jobs for Egyptian workers.
The report predicts Egypt will produce 5.6 million tonnes of hydrogen a year by 2040, more than 10 times current global output.
While most of this will be intended for export, Egypt’s strategy involves the country holding back between 35 and 39 percent of low-carbon hydrogen for domestic use.
This will shore up energy security and contribute to its nationally determined contributions, part of the climate action plan that countries submit to the United Nations Framework Convention on Climate Change secretariat every five years.
Link to more on green hydrogen projects in Egypt HERE
Author: Bryan Groenendaal
