The government said in a statement that the strategy aims to acquire eight percent of the global hydrogen market, adding that “Egypt has the ability to produce green hydrogen at the lowest cost in the world. ”
The cost of producing green hydrogen is expected to drop to $1.7/kg in 2050 from $2.7/kg in 2025, the statement continued.
More than 100,000 new employment will be created as a result of the initiative, which will also help Egypt import fewer petroleum goods and emit fewer greenhouse gases.
A number of memorandums of understanding for green hydrogen projects have recently been signed by Egypt, which is hosting the climate conference this month in Sharm El Sheikh. The term “green hydrogen” refers to the production of hydrogen using renewable energy sources without the emission of carbon dioxide.
Given that the production of electricity from renewable sources is anticipated to reach 42% of the total electrical energy produced in 2035, up from 20% in 2022, the sustainable energy strategy for the year 2035 stated that it aims to increase the contribution of renewable energy to the electric power mix.
Egypt is expecting earnings from green hydrogen of 18 billion dollars.
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