Egypt is pursuing international investment in green hydrogen production as part of its ambitious goals to become a hub for clean energy transit to Europe, according to Prime Minister Mostafa Madbouly.
Madbouly stated during a meeting on Sunday that the country’s efforts include increasing investor incentives and upgrading Egypt’s energy policy to include green hydrogen.
Electricity Minister Mohamed Shaker, Planning and Economic Development Minister Hala El-Said, Chairman of the Suez Canal Economic Zone (SCZone) Yehia Zaki, and CEO of Egypt’s Sovereign Wealth Fund Ayman Soliman attended the meeting (SWF).
Madbouly emphasized the critical role of foreign investment in green hydrogen in the country’s aim to become a regional hub for renewable energy.
The premier stated during today’s meeting that the recently signed Memorandums of Understanding (MoUs) with foreign partners, such as those to produce and export green hydrogen in the Suez Canal Economic Zone, should be activated immediately in accordance with President Abdel-Fattah El-directives. Sisi’s
Egypt has been evaluating several proposals filed by multinational corporations to develop green hydrogen projects in the SCZone as part of its effort to localize the production of the clean-burning fuel.
“All of these measures would transform Egypt into a hub for renewable energy transit to Europe and the rest of the world,” Madbouly noted.
Egypt is seeking further cooperation and investment in green transformation projects in the near future, he remarked, particularly in light of the country’s leadership of the United Nations Climate Change Conference in 2022. (COP27).
The United Nations event is scheduled for November in Sharm El-Sheikh, Egypt’s coastal resort city.
International interest in hydrogen as a source of energy is growing, as it emits no greenhouse gases, and many believe it holds the key to curbing global warming.
Green hydrogen is hydrogen that is produced electrochemically using renewable energy. The process separates hydrogen from oxygen in water using an electrical current without creating carbon dioxide.
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