The Info and Resolution Assist Middle of the Egyptian Cupboard issued a report the place it predicted an increase in Egypt’s GDP between US$10 to $18 billion because of a virtually seven-fold improve within the inexperienced hydrogen financial system by 2050.
Based on the report issued on Tuesday, Egypt ranked fifth within the Arab world and North Africa within the inexperienced hydrogen index of Fitch Options for 2022.
The report reviewed crucial legislative framework selling inexperienced hydrogen initiatives in international locations akin to Germany, South Korea, the European Union, India, France, Chile and the US.
The Info Middle confirmed that Egypt is considered one of most the promising international locations within the area of inexperienced hydrogen, with potential to draw home and overseas investments on this area – particularly in gentle of its future plans in inexperienced hydrogen initiatives.
This highlights the significance of offering a legislative framework to control hydrogen manufacturing initiatives and its varied makes use of in Egypt, to maximise its integration into the worldwide marketplace for inexperienced hydrogen manufacturing.
Fitch additionally confirmed that Egypt is a pioneering nation in inexperienced hydrogen initiatives, amounting to 11 initiatives with a capability of 10.3 gigawatts.
The company’s expectations additionally present that inexperienced hydrogen initiatives will improve Egypt’s attractiveness to overseas investments in renewable vitality sources.
Over the subsequent decade, electrical energy consumption will proceed to develop with a surplus in manufacturing and elevated investments in inter-transmission networks.
Egypt’s exports of electrical energy to neighboring markets and to Europe are additionally anticipated to extend.
In its 2021 report, the European Financial institution acknowledged the significance of gasoline infrastructure and Egypt’s giant investments in gasoline, along with the opportunity of mixing inexperienced hydrogen in accessible gasoline networks.
This means the opportunity of directing present pure gasoline belongings to assist inexperienced hydrogen manufacturing, and the provision of clear incentives to discover inexperienced hydrogen.