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EBRD: Egypt to become one of global leaders in low-carbon hydrogen economy
The European Bank for Reconstruction and Development (EBRD) said Egypt’s National Hydrogen Strategy will pave the way for Egypt to become one of the global leaders in the low-carbon hydrogen economy, acquiring an 8 percent market share of globally traded hydrogen.
To further unlock the country’s renewable energy potential and help it become a regional energy hub, the Bank has supported the government in conducting a feasibility study to assess the viability of a low-carbon hydrogen market in Egypt and in drafting the National Hydrogen Strategy, which will be launched at the 27th United Nations Climate Change Conference (COP27) due to be held in Sharm El Sheikh on November 6.
The strategy aims to better understand the role of green hydrogen in decarbonization, capitalizing on the low cost of renewables and the growing demand in both local and export markets.
The Bank’s support for the transition to green energy includes promoting sustainable energy and energy efficiency in the country through its Green Economy Financing Facility (GEFF). This provides credit lines to participating financing institutions in Egypt to on-lend to businesses investing in small-scale energy efficiency and renewable energy projects.
Building on the Bank’s record, the Egyptian government has chosen the EBRD as the lead development partner on the energy pillar of Egypt’s NWFE program, which is part of Egypt’s National Climate Change Strategy 2050. Under the NWFE’s energy pillar (NWFE-EP), Egypt would retire 5 GW of inefficient oil and gas-fueled power capacity, reducing CO2 emissions, and develop 10 GW of solar and wind power by 2028, including for green hydrogen production.
The NWFE-EP addresses two of the most common issues that prevent countries from transitioning away from fossil fuels: strengthening the energy grid to absorb new capacity and supporting a just transition plan for affected workers. In this way, the initiative acts as a model for other sectors and countries to replicate.
Under the NWFE-EP, Egypt is expected to more than double its share of renewable energy by 2028, which is critical to its goal of reaching 42 per cent by 2035 and, beyond that, its long-term vision of becoming carbon neutral.
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