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 on account of an almost 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 nations comparable to Germany, South Korea, the European Union, India, France, Chile and america.
The Data Middle confirmed that Egypt is one in every of most the promising nations 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 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 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 said the significance of gasoline infrastructure and Egypt’s massive 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 provision of clear incentives to discover inexperienced hydrogen.