In order to develop green hydrogen and renewable technology, Egypt has signed seven Memoranda of Understanding with international developers regulating this field.
In this way, Egypt has opened the door for investment worth 40 billion dollars, according to the World Economic Forum (WEF) official website.
The investment will be implemented in two phases. During the initial pilot phase, about 12 billion dollars will be invested in the projects located in the economic zone of the Suez Canal. After that, an additional 29 billion dollars will follow in the first phase.
The move reportedly came after Tarek al-Mala, Egypt’s Minister of Petroleum and Mineral Resources, said the country planned for renewable energy sources to make up 60 per cent of its energy mix by 2030.
More:
- NEW EU INVESTMENTS IN HYDROGEN INFRASTRUCTURE DEVELOPMENT
- COMMISSION APPROVES UP TO 6.9 BILLION EUROS FOR THE THIRD IMPORTANT PROJECT OF COMMON EUROPEAN INTEREST IN THE HYDROGEN VALUE CHAIN
- GERMANY AND ALGERIA OPEN A NEW CHAPTER IN THE PRODUCTION OF GREEN HYDROGEN
This country has an excellent position in the global sunbelt. On average there are 9 to 11 sunny hours during the day, while cloudy days are very rare. This is exactly what gives Egypt great potential to use renewable energy sources for hydrogen production.
Egypt has also signed similar memoranda and agreements in previous years too, to become a green hydrogen and renewable energy hub.
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