Egypt’s House of Representatives approved a drafted law on Tuesday, signaling the nation’s commitment to creating an environment conducive to sustainable energy initiatives.
The legislation, presented by the government, aims to provide a series of incentives designed to both retain current investors and attract new direct and indirect foreign investments into the burgeoning green hydrogen sector.
Egypt, propelled by its vision to become a global hub for green hydrogen projects and derivatives, is taking strategic steps to solidify its position in the renewable energy landscape. The country’s National Council for Green Hydrogen, established in August, is at the forefront of stimulating green investments. Following this, in November, the council unveiled the comprehensive National Strategy for Green Hydrogen.
Aligned with its broader sustainability objectives, Egypt aims to increase the share of energy generated from renewable sources to an ambitious 42 percent by 2035. This commitment underscores the nation’s dedication to transitioning towards cleaner and more sustainable energy practices. The focus on green hydrogen is a pivotal component of this strategy, representing a commitment to cutting-edge technologies with a positive environmental impact.
An integral aspect of Egypt’s green hydrogen strategy is its aspiration to capture up to 8 percent of the global trade in the green hydrogen market by 2040. This goal not only demonstrates the nation’s confidence in the potential of green hydrogen but also positions Egypt as a significant player in the international green energy arena.
The approval of the drafted law by Egypt’s House of Representatives is a crucial step in providing a regulatory framework that encourages investment and innovation in the green hydrogen sector. By creating an attractive investment environment, the legislation aims to ensure that current investors remain committed to their green hydrogen projects while simultaneously enticing new players into the market.
