The Data and Choice Help 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 an almost seven-fold enhance within the inexperienced hydrogen financial system by 2050.
In response to 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 a very powerful legislative framework selling inexperienced hydrogen tasks in nations akin to Germany, South Korea, the European Union, India, France, Chile and the USA.
The Data Middle confirmed that Egypt is one in all most the promising nations within the area of inexperienced hydrogen, with potential to draw home and international investments on this area – particularly in gentle of its future plans in inexperienced hydrogen tasks.
This highlights the significance of offering a legislative framework to control hydrogen manufacturing tasks 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 tasks, amounting to 11 tasks with a capability of 10.3 gigawatts.
The company’s expectations additionally present that inexperienced hydrogen tasks will improve Egypt’s attractiveness to international investments in renewable power 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 fuel infrastructure and Egypt’s giant investments in fuel, along with the opportunity of mixing inexperienced hydrogen in out there fuel networks.
This means the opportunity of directing present pure fuel belongings to help inexperienced hydrogen manufacturing, and the supply of clear incentives to discover inexperienced hydrogen.