In a significant move towards a sustainable future, Egypt has launched its National Low-Carbon Hydrogen Strategy, a cornerstone of the country's broader effort to transition to a green economy and address the global challenge of climate change.
Prime Minister Mostafa Madbouly announced the strategy on Thursday, emphasizing its alignment with Egypt's long-term development framework, "Egypt Vision 2030." The strategy is designed to diversify the nation's energy portfolio, reduce carbon emissions, and attract substantial foreign investment, all while positioning Egypt as a global leader in green hydrogen production.
"The strategy reflects our commitment to sustainable development and reinforces our role in global climate action," said Prime Minister Madbouly. "It is not just a plan for economic growth but a roadmap for a greener, more sustainable Egypt."
The strategy, developed with key international partners including the European Bank for Reconstruction and Development (EBRD), aims to capitalize on Egypt's abundant renewable energy resources, particularly solar and wind, to produce low-carbon hydrogen. This initiative is expected to contribute significantly to Egypt's economy, with projections indicating an increase in GDP by nearly $18 billion by 2040 and the creation of over 100,000 jobs.
Mohamed El Homsani, the Cabinet Spokesman, highlighted the strategic importance of Egypt's geographical location in supporting the production and export of green hydrogen. "The Suez Canal Economic Zone has already secured a €397 million contract to export green fuel to Europe, showcasing the potential of Egypt as a global green hydrogen hub," he noted.
El Homsani also pointed out that the National Council for Green Hydrogen and its Derivatives would oversee the annual implementation of the strategy, ensuring that Egypt meets its ambitious targets. The strategy outlines plans to increase hydrogen production across various sectors, including industry and transportation, with an eventual goal of capturing 5-8% of the global commercial hydrogen market.
To further stimulate investment, the Egyptian government has launched a green hydrogen investment website, providing essential information on competitive advantages, strategic partnerships, and investment incentives. The platform is part of a broader effort to engage private sector investors and accelerate the development of green projects in Egypt.
As Egypt continues to lead in the transition to a low-carbon economy, the National Low-Carbon Hydrogen Strategy stands as a testament to the country's dedication to environmental sustainability and economic resilience.
