The Data and Resolution Help Heart 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.
In accordance with 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 comparable to Germany, South Korea, the European Union, India, France, Chile and the USA.
The Data Heart confirmed that Egypt is one in all most the promising international locations within the subject of inexperienced hydrogen, with potential to draw home and overseas investments on this subject – 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 numerous 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 following 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 said the significance of gasoline infrastructure and Egypt’s giant investments in gasoline, along with the potential for mixing inexperienced hydrogen in out there gasoline networks.
This means the potential for directing present pure gasoline property to assist inexperienced hydrogen manufacturing, and the supply of clear incentives to discover inexperienced hydrogen.