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Molla: Low-carbon hydrogen economy expected to contribute $ 18bn to GDP
Egyptian Petroleum Minister Tarek Molla said low-carbon hydrogen economy in Egypt is expected to contribute up to dlrs 18 billion of the GDP and generate about 100,000 jobs by 2040.
Egypt aspires to claim 8 percent of the global hydrogen market by 2040, Molla said.
Molla noted that Egypt is scheduled to sign an agreement with the United States Trade and Development Agency (USTDA) on laying down a blow-by-blow road map on cutting methane emissions of the petroleum and gas sector in Egypt via the offered technical support.
The agreement will be inked with the framework of the 28th United Nations Climate Change Conference (COP28).
He noted that Egypt endorsed projects of green hydrogen and its derivatives in collaboration with the Norwegian company Scatec to promote Egypt’s drive to become a green hydrogen regional center.
He referred to Egypt’s endorsement of the hydrogen strategy and establishment of the National Council for Green Hydrogen.
Moreover, Molla said Egypt is planning to develop bylaws concerning methane gas emissions in the petroleum and natural gas sector by the end of 2024.
He underlined the importance of obtaining soft financing within the framework of a recently declared program for financing efforts and projects to slash methane gas emissions.
Molla expounded that curbing methane emissions is one of the fastest ways to confront global warming, noting that Egypt plans to access the World Bank’s Zero Routine Flaring by 2030, ZRF, Initiative.
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