Global Courant
The Egyptian Cabinet’s Information and Decision Support Center released a report predicting an increase in Egypt’s GDP of between $10 and $18 billion due to an almost seven-fold increase in the green hydrogen economy in 2050.
According to Tuesday’s report, Egypt ranks fifth in the Arab world and North Africa in the green hydrogen index from Fitch Solutions for 2022.
The report discussed the main legislative framework for promoting green hydrogen projects in countries such as Germany, South Korea, the European Union, India, France, Chile and the United States.
The Information Center confirmed that Egypt is one of the most promising countries in the field of green hydrogenwith potential to attract domestic and foreign investment in this area – especially in light of its future plans in green hydrogen projects.
This highlights the importance of providing a legal framework to regulate hydrogen production projects and its various applications in Egypt to maximize its integration into the global green hydrogen production market.
Fitch also confirmed that Egypt is a pioneer country in green hydrogen projects, amounting to 11 projects with a capacity of 10.3 gigawatts.
The agency’s expectations also show that green hydrogen projects will increase Egypt’s attractiveness to foreign investment in renewables.
Over the next ten years, electricity consumption will continue to grow with production surplus and increased investment in inter-transmission networks.
Electricity exports from Egypt to neighboring markets and to Europe are also expected to increase.
In its 2021 report, the European Bank pointed to the importance of gas infrastructure and Egypt’s large investments in gas, in addition to the possibility of blending green hydrogen into available gas networks.
This indicates the opportunity to use current natural gas assets to support green hydrogen production, and the availability of clear incentives to explore green hydrogen.
