Egypt Aims to Diversify Energy Mix and Become a Global Green Hydrogen Center
Key Ideas
- Egypt revises its renewable energy target to 40% by 2040, focusing on solar, wind, and geothermal energy.
- Natural gas will continue to play a key role in Egypt's energy mix, with emission reduction projects planned.
- Egypt aims to become a regional trade hub for oil and LNG, leveraging major gas discoveries like the Zohr field.
- The Suez Canal Economic Zone secures a significant contract to export green hydrogen to Europe, positioning Egypt as a global green hydrogen center.
Egypt is adjusting its renewable energy goals, now targeting a 40% share by 2040, down from the initial 58%. Minister Karim Badawi highlighted this during the Mediterranean Offshore Conference, emphasizing solar, wind, and geothermal energy in the roadmap. Despite the shift, natural gas will remain crucial, with plans for emission reduction initiatives. Egypt's ambition extends to becoming a pivotal trade hub for oil and liquefied natural gas thanks to discoveries like the Zohr gas field. Furthermore, Egypt aims to lead in green hydrogen, exemplified by a 397-million-euro deal to export green fuel to Europe from the Suez Canal Economic Zone. This endeavor showcases Egypt's commitment to diversifying its energy landscape and establishing itself as a significant player in the global green hydrogen market.