Egypt plans to inject up to $4 billion to produce green hydrogen through water electrolysis, Hapi Journal cited Electricity Minister Mohamed Shaker.
The announcement took place on the sidelines of the forum held in Sharm El-Sheikh on June 11-13, under the theme “Integration for Growth.”
Studies for one of several planned green hydrogen plants are expected to be finalized and presented to the Sovereign Fund of Egypt (SFE) and other state bodies including the oil and environment ministries as early as next week.
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The fund has the mandate to promote investment in several priority sectors, among which is energy and electricity, by partnering with private sector investors and bringing them on board to hold majority stakes.
Shaker said that Egypt will allocate more than 7,000 square kilometers of land for the green hydrogen production project to reach an output of about 90,000 megawatts.
The country also plans to have about 42% of the produced energy from renewable resources by 2035, Shaker added, noting that Egypt will rely on renewable energy by about 20% before the end of 2021.
Shaker further noted that Egypt aims to export its future green hydrogen production.
