Egypt targets $40 billion of green hydrogen investment

Egypt has opened the door to $40 billion of investment in green hydrogen and renewable technology by signing seven memoranda of understanding with international developers in the fields.

The projects located in the Suez Canal Economic Zone will see an investment of around $12 billion at an initial pilot phase, followed by a further $29 billion, according to the country’s Planning Minister, Hala el-Said.

The move follows Egypt’s Petroleum Minister, Tarek El Molla, saying the country planned for renewables to make up 60% of its energy mix by 2030.

Its location in the global “sun belt” means it averages 9-11 hours of sunshine a day, with few cloudy days, giving it high potential for harnessing renewables for hydrogen production.