Minister of Electricity and Renewable Energy Mohamed Shaker during Egypt s Regional Role as a Hub for Renewable Egypt on the second day of Egypt s Economic conference. Photo : Egyptian Cabinet
Shaker said that an MoU was signed between the electricity and the petroleum ministeries 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.