Minister of Electricity and Renewable Energy Mohamed Shaker said that Egypt is formulating a national strategy to produce green hydrogen at the lowest cost globally by 2050.
Shaker said that an MoU was signed between the electricity and the petroleum ministries and the European Bank for Reconstruction and Development (EBRD) to obtain a grant to study the potential for low-carbon hydrogen supply chains.
Speaking during the fourth session in the second day of the Economic Conference 2022 under the title “Egypt’s Regional Role as a Hub for Renewable Egypt," Shaker explained that EBRD aims to help Egypt to unlock its renewable energy potential and to transition to a greener economy by assisting in the development of a national low-carbon hydrogen strategy.
The electricity minister added that the strategy will be announced on "Energy Day", which takes place during the global climate conference (COP27) slated for 6-18 November at the red sea city of Sharm El-Sheikh.
The strategy should help Egypt produce green hydrogen with the least cost worldwide (at a cost of $ 1.7/kg by 2050). It paves the way for implementing an ambitious plan to gain 8 percent of the global market for hydrogen.
The strategy also calls for increasing the Gross Domestic Product in Egypt to between $10 billion and $18 billion by 2050, along with generating more job opportunities and reducing oil imports.
Source: Al-Ahram Online
