Energy and Environment Committee of the House of Representatives in Egypt, led by MP Talaat Al-Suwaidi, has approved a government-drafted bill focused on providing incentives for green hydrogen projects and its derivatives.
The draft law encompasses a range of tax and non-tax incentives, aligning with Egypt’s strategic direction to optimize the production, utilization, and export of clean green energy. The legislation is particularly geared towards establishing projects for the production of green hydrogen and its derivatives, including green ammonia and green fuel.
President Abdel Fattah El-Sisi recently received a briefing on the government’s efforts to implement the national strategy for green hydrogen. The strategy’s overarching goal is to position Egypt as a leading country in the low-carbon hydrogen economy globally. This strategic shift is anticipated to create job opportunities, boost national income, and significantly reduce emissions, aligning with Egypt’s commitment to environmental protection as part of its national efforts.
Following the briefing, President El-Sisi issued directives for the immediate implementation of the agreed-upon projects, emphasizing the need to provide necessary infrastructure. This shift towards sustainable energy forms a fundamental element of Egypt’s Vision 2030, reflecting the nation’s focus on comprehensive development and the economic benefits associated with sustainable practices.
Last month, the National Green Hydrogen Council officially approved the National Green Hydrogen Strategy. By setting an ambitious target to capture 5 to 8 percent of the global hydrogen market, Egypt aims to contribute significantly to reducing carbon dioxide emissions, targeting a yearly decrease of 40 million tons.
The strategy goes beyond environmental benefits, with a commitment to job creation and economic growth. Egypt aspires to generate 100,000 employment opportunities by 2040 and boost the gross domestic product by an impressive $10 to $18 billion.
