The Data and Choice Assist Heart of the Egyptian Cupboard issued a report the place it predicted an increase in Egypt’s GDP between US$10 to $18 billion on account of a virtually seven-fold improve within the inexperienced hydrogen economic 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 an important legislative framework selling inexperienced hydrogen tasks in international locations akin to Germany, South Korea, the European Union, India, France, Chile and the USA.
The Data Heart confirmed that Egypt is one among most the promising international locations within the discipline of inexperienced hydrogen, with potential to draw home and overseas investments on this discipline – particularly in mild of its future plans in inexperienced hydrogen tasks.
This highlights the significance of offering a legislative framework to manage hydrogen manufacturing tasks 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 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 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 massive investments in gasoline, along with the potential of mixing inexperienced hydrogen in accessible gasoline networks.
This means the potential of directing present pure gasoline property to assist inexperienced hydrogen manufacturing, and the provision of clear incentives to discover inexperienced hydrogen.