EGYPT: Cairo plans to invest $4bn in green hydrogen production
Jun 18 2021
The Egyptian government has announced its intention to invest $4 billion in the production of green hydrogen. Its project, still at the study stage, is being implemented in partnership with the German giant Siemens.
Egypt is moving ahead with the implementation of its green hydrogen production pilot project. Mohamed Shaker, Egypt’s Minister of Electricity and Renewable Energy, has set the budget for the production and storage of this clean energy at 4 billion dollars. For the time being, the pilot project is still in the study phase led by Siemens. The German energy giant is carrying out the study in collaboration with Egypt’s Sovereign Wealth Fund and several ministerial departments.
Egypt has become one of the main leaders on the African continent in renewable energy production. A few years ago, Cairo set a target of producing 42% of its electricity from renewable sources by 2035 and 20% by 2022. According to Minister Mohamed Shaker, the share of renewables in Egypt’s electricity mix should reach 20% by the end of this year, a year ahead of schedule.