According to a statement from the Egyptian government, China Energy would invest $5.1 billion in a green hydrogen project in Egypt.
The government will research the natural gas costs, the local and global hydrogen markets, and Egypt’s long-term development plans for its hydrogen economy over the next five to eight years.
In accordance with international standards, Egypt will build a strong governance framework for a low-carbon hydrogen economy to foster a sustainable market while upholding safety and environmental requirements.
By creating a worldwide export hub for hydrogen and its derivatives, Egypt hopes to take 5% of the global hydrogen market by 2030 and 8% by 2040 in order to achieve energy security and meet the sustainable development goals between those years. Building and localizing the industry will aid in using renewable energy sources, removing carbon from industrial sectors, increasing the nation’s GDP, and creating jobs.