- | 12:00 pm
Egypt may produce 20 million tons of green hydrogen by 2035: EIB
The study by European Investment Bank (EIB) says Africa could produce $1.1 trillion from the sale and use of green hydrogen.
Investment in harnessing Africa’s solar energy to produce 50 million tons of green hydrogen per annum by 2035 will have several dividends for the country. It can furnish a global energy supply, spur economic growth and job opportunities, decarbonize heavy industries and lead the way to a sustainable economy.
A study conducted by European Investment Bank (EIB), in conjunction with the International Solar Alliance and the African Union, found that Africa could produce $1.1 trillion from the sale and use of green hydrogen and highlighted the benefits of harnessing solar power to create green hydrogen in four African hubs: Morocco-Mauritania, southern Africa and Egypt.
These findings follow Egypt’s slew of initiatives over the last year – the construction of a green ammonia project, the construction of an $8 million hydrogen plant and efforts to transition to a low carbon economy – to enhance renewable energy and encourage private sector investment in green hydrogen generation activities.
“Africa’s has the best solar energy in the world and transforming solar power into green hydrogen can strengthen energy security, cut emissions and pollution and decarbonize industry and transport,” Abdessalam Ould Mohamed Salah, Minister of Energy of the Republic of Mauritania said in a statement.
The produced green hydrogen would enable Africa to export fuel and boost local industries, the study said. Noting that green fuel would be produced in Egypt, Morocco, Mauritania, Namibia and South Africa, the study said the use of solar energy by a group of African countries would make green hydrogen fuel at less than $2 per kilogram by 2030.
Reportedly, among the African nations, Egypt would be the biggest producer of green hydrogen in the continent, with a capacity of 20 million tons annually, followed by South Africa and Namibia with 17.5 million tons, and Morocco and Mauritania which – combined – could produce 12.5 million tons.
Egypt has pledged to implement a bold long-term plan for the year 2050 to explore a net-zero goal for greenhouse gas emissions and launch the development of green hydrogen.