Egypt's Ambitious Plan to Dominate Green Hydrogen Market
Key Ideas
- Egypt plans to capture 5-8% of the global green hydrogen market by 2040, aligning with its vision to become a global hub for green hydrogen and increase reliance on renewable energy.
- The country aims to increase renewable energy usage to 42% by 2030 and 65% by 2040 through the production of various clean energy sources like wind, solar, and nuclear power.
- Egypt has secured international partnerships to develop green hydrogen projects and has created an attractive investment environment to facilitate timely capacity additions and grid connections.
- The government aims to produce green hydrogen at the lowest cost worldwide by 2050, setting a target of $1.7 per kg for the production cost.
Egypt is targeting a significant share of the global green hydrogen market by 2040, with plans to capture 5-8% of the market as outlined by Minister of Petroleum and Mineral Resources, Karim Badawi. This strategic aim is part of Egypt's broader objective to become a leading global hub for green hydrogen and its derivatives, in line with its commitment to renewable energy and reducing carbon emissions. The country intends to boost its reliance on renewable energy sources, aiming for 42% by 2030 and 65% by 2040 through the development of over 65 gigawatts of wind, solar, pumped storage, hydroelectric, and nuclear power. The government has emphasized private sector involvement in renewable energy projects, highlighting the importance of international partnerships and a supportive investment climate. By securing deals to produce green hydrogen in the Suez Canal Economic Zone and earmarking vast land for renewable energy projects, Egypt is taking concrete steps towards achieving its ambitious green hydrogen targets. Minister Badawi's vision includes producing green hydrogen at a remarkably low cost of $1.7 per kg by 2050, showcasing a commitment to cost efficiency and sustainability in the energy sector.