A new report says that by 2050, green hydrogen could increase the GDP of six African countries by $126 billion, which is equal to 12% of their current GDP, and create up to 4 million jobs.

According to a recent study by the Africa Green Hydrogen Alliance (AGHA) and McKinsey, the continent’s economies may be well positioned to take advantage of the opportunities presented by the expected seven-fold increase in global hydrogen consumption by 2050.

The possibilities are limitless for the six current Alliance members—Egypt, Kenya, Mauritania, Morocco, Namibia, and South Africa—who intend to work together to create green hydrogen projects around the continent.

Due to their high potential for wind and solar energy, these nations might competitively generate green hydrogen and related goods like ammonia, satisfying domestic demand while expanding exports.

According to the report, the European Union, Japan, and South Korea are the three most important export markets because of their existing infrastructure and significant demand from current manufacturing facilities that cannot meet all of their clean hydrogen requirements.