The Cabinet announced on Thursday 15/8/2024 launching Egypt’s National Low Carbon Hydrogen Strategy, stating that it is expected to boost the gross domestic product (GDP) to around $18 billion by 2040.

In a statement, the Cabinet noted that Egypt’s Hydrogen Strategy is expected to also help create more than 100,000 new job opportunities by 2040, while supporting transition to green economy.

Prime Minister Mostafa Madbouly highlighted the significance of the strategy and its role in achieving the sustainable development objectives under Egypt Vision 2030.

He added that the strategy aims to strengthen the country’s efforts in diversifying renewable and sustainable energy sources and curbing carbon emissions, in line with Egypt’s international obligations in combating climate change.

The Hydrogen Strategy relies on leveraging Egypt’s distinctive geographic location and abundant natural resources, especially solar and wind energy, to support the production of low-carbon hydrogen, said the Cabinet.

The strate
gy also aims to enhance collaboration with international partners and financial institutions to support research, development, and investment in this field.

Additionally, it is expected to play a pivotal role in revitalizing the energy sector in Egypt, attracting foreign investments, creating new job opportunities, and improving economic efficiency in utilizing local resources, added the Cabinet.

The strategy was prepared in collaboration with various international partners, including the European Bank for Reconstruction and Development (EBRD), and its outcomes were presented during the 22nd UN Climate Change Conference (COP27) in Sharm El-Sheikh.

The strategy’s action plan includes increasing hydrogen production capacities and its derivatives, gradually expanding local use of low-carbon hydrogen, leading to its utilization across all sectors, particularly industry and transportation.

Source: State Information Service Egypt