Egypt keen to attract foreign investments in green hydrogen ventures, says PM Madbouly

Ahram Online , Sunday 17 Apr 2022

Egypt is pressing ahead with efforts to lure foreign investments into green hydrogen production, part of its ambitious plans to become a transit route for clean energy to Europe, according to Prime Minister Mostafa Madbouly.

Prime Minister Mostafa Madbouly.(Photo:Al-Ahram)

In a meeting on Sunday, Madbouly said the country's efforts includes introducing additional incentives for investors, and updating Egypt's energy strategy to include green hydrogen.

The meeting was attended by Electricity Minister Mohamed Shaker, Planning and Economic Development Minister Hala El-Said, Chairman of the Suez Canal Economic Zone (SCZone) Yehia Zaki, and Ayman Soliman, CEO of Egypt’s Sovereign Wealth Fund (SWF).

Madbouly reiterated the importance of attracting foreign investment in green hydrogen to the country’s strategy of becoming a regional centre for renewable energy.

The recently signed Memorandum of Understandings (MoUs) with foreign partners, such as those to produce and export green hydrogen in the Suez Canal Economic Zone, should be swiftly activated as per President Abdel-Fattah El-Sisi's directives, the premier said during today's meeting.

Egypt has been reviewing various offers submitted by international companies to establish green hydrogen projects in the SCZone, as the country seeks to localise the production of the clean-burning fuel.

"All these efforts would turn Egypt into a route for the transit of clean energy to Europe and the world," Madbouly pointed out.

He noted that Egypt is seeking to attract more cooperation and investment in green transformation projects in the near future, particularly in light of the county's presidency of the United Nations Climate Change Conference 2022 (COP27).

The UN event is slated to be held in November in the coastal Egyptian resort city of Sharm El-Sheikh.

There is a growing international interest in hydrogen as a source of energy as it produces zero emissions, and many see it as holding the answer to limiting global warming.

Green hydrogen is hydrogen produced by electrolysis using renewable energy. The method uses an electrical current to separate hydrogen from oxygen in water without producing carbon dioxide.

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