The Egyptian Prime Minister has announced the country has adopted a series of measures to increase its presence in the green hydrogen sector.
At the fourth edition of the roundtable on green hydrogen industry, held in New Alamein city, Egypt, PM Moustafa Madbouli laid out the country’s Sustainable Development Strategy (SDS): Egypt Vision 2030.
The gathering saw Egypt finalise the second update to the Nationally Determined Contributions (NDCs) plan, in which the country aims to increase the share of renewable energy in the energy mix to 42% by 2030, rather than 2035.
Alongside this, more than 20 Memorandums of Understanding (MoU) were signed with companies in the green hydrogen sector. H2 View understands these agreements would be worth around $83bn and produce annually 15 million tonnes of green ammonia and green methane.
Madbouli claimed that Egypt has potential in producing renewable energy at competitive prices and has the necessary infrastructure in place capable of produce green hydrogen and then exporting it.
He added, “There is a high domestic demand for the use of green hydrogen in energy-intensive industries. The Suez Canal, which is the most important waterway in the world, is crossed by about 15% of global maritime trade annually, which is an important opportunity to provide green fuel services for all transiting ships.”
Last year (2022), plans were released to develop a large-scale green hydrogen facility within the Suez Canal Economic Zone (SCZONE) which could turn Egypt into a global green hydrogen hub.
The roundtable was attended by: Mohamed Shaker, Electricity and Renewable Energy Minister; Tareq el Molla, Petroleum Minister; Hala el Saaed, Planning and Economic Minister; Walid Gamel El Din, Chairman of the SCZONE; and Ayman Soliman, CEO of the Sovereign Fund of Egypt.
Also in attendance was Heike Harmgart, Managing Director for the Southern and Eastern Mediterranean (SEMED) region at the European Bank for Reconstruction and Development (EBRD), along with multiple delegates of major green hydrogen and renewable energy companies.
Source : H2 View