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Egypt to build $5.5 billion-worth green hydrogen project
During COP27, the EU and Egypt formed a strategic collaboration on renewable hydrogen
Egypt launched several initiatives over the last few years to enhance renewable energy and encourage private sector investment in solar and wind energy generation activities.
Now Egypt’s cabinet has approved the construction of a green ammonia project with an annual production capacity of 1 million tons in the Ain Sokhna industrial zone.
The ministry said that the project, by Egypt’s Green Ammonia Company, will cost about $5.5 billion and provide about 10600 employment opportunities throughout the construction and operation phases.
During COP27, the EU and Egypt advanced their long-term cooperation on the clean energy transition by forming a strategic collaboration on renewable hydrogen, laying the foundation for an equitable energy transition in Egypt.
The Egyptian Ministers of Petroleum Tarek El Molla and Electricity and Renewable Energy Mohammed Shaker El-Markabi signed a bilateral Memorandum of Understanding (MoU) on a strategic partnership on renewable hydrogen on behalf of the European Commission, represented by Executive Vice-President Timmermans and Commissioner Simson.
The MoU will function as a framework to foster long-term conditions for the growth of a renewable hydrogen sector and commerce throughout the EU and Egypt, including infrastructure and financing. It will assist the EU in achieving its goal of consuming 20 million tonnes of renewable hydrogen by 2030, as stated in the REPowerEU strategy, thereby reducing reliance on Russian fossil fuels.
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.
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