Egypt’s Cabinet has given the go-ahead for the establishment of the National Council for Green Hydrogen.
This move has been made to encourage and promote investment in sustainable and eco-friendly development, as part of the country’s vision for social and economic growth.
According to a statement issued by Cabinet on Wednesday, the body will be officially known as the National Council for Green Hydrogen and its Derivatives. It will be led by Prime Minister Mostafa Madbouly and will include ministers responsible for electricity and renewable energy, petroleum and mineral resources, finance, and environment, as well as the Executive Director of Egypt’s Sovereign Fund.
The council will be responsible for ensuring Egypt’s competitiveness at regional and international levels. It will also oversee the implementation of the country’s National Strategy for Green Hydrogen, and work to overcome any challenges that arise in the pursuit of eco-friendly investment.
Furthermore, the council will review all legal and regulatory matters relating to green hydrogen and its derivatives. Egypt has recently signed several agreements with international alliances to manufacture green hydrogen and its derivatives in the Suez Canal Economic Zone (SCZone).
These efforts are aimed at positioning Egypt as a global hub for the production of green hydrogen.
One such agreement was signed with the Indian renewable energy company Ocior on 9 August, with plans to invest $4 billion in green hydrogen projects in the SCZone. Egypt’s ultimate goal is to reduce carbon emissions and promote the use of renewable and alternative energy sources, including green hydrogen, as part of its National Climate Strategy 2050.
It’s worth mentioning that the country aims to produce green hydrogen at the lowest cost globally by 2050, at $1.7 per kg, and capture 8 percent of the world’s hydrogen market.
SOURCE: SEE Sada Elbalad English
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