Egypt announced the general framework of the strategy at the 2022 UN Climate Change Conference (COP27) that it hosted in Sharm El-Sheikh city earlier this month.

Egypt is capable of producing green hydrogen at the lowest cost worldwide, Shaker said in a meeting with Prime Minister Mostafa Madbouly that was held to follow up on renewable energy and green hydrogen projects.

Egypt can make use of its competitive capability in this regard to implement its ambitious plan of contributing 8 percent of the global hydrogen market, Shaker added.

This can boost Egypt’s GDP by $10-18 billion by 2050, as the hydrogen economy is expected to increase seven-fold, Shaker explained.

Increasing locally-produced hydrogen can also boost Egypt’s energy security and decrease reliance on petroleum imports, Shaker added.

At COP27, Egypt signed a framework agreement with nine developers for a green hydrogen and derivatives mega-project at the Suez Canal Economic Zone (SCZone).

President Abdel-Fattah El-Sisi and Norwegian Prime Minister Jonas Gahr Støre also launched during the conference the first phase of a project to establish a major green hydrogen plant with a capacity to produce 100 MW in Egypt's Ain Sokhna on the Red Sea.

During COP27, El-Sisi also unveiled a new Egyptian-Belgian green hydrogen initiative which he co-sponsored with Belgian Prime Minister Alexander De Croo.

Egypt plans to become an international hub for producing and exporting green hydrogen, especially to Europe.